Daily Digest Market Movers: Indian Rupee remains strong amid the positive sentiment

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  • The HSBC final India Manufacturing Purchasing Managers' Index (PMI) declined to 58.8 in April from a 16-year high of 59.1 in March.
  • FX intervention from the RBI in February was the lowest in six months, about one-eighth of the average monthly intervention from October to December, per Reuters. 
  • QuantEco Research economist, Vivek Kumar, said that pressures on the Indian Rupee eased in the January-March compared to October-December, reducing the magnitude of intervention. 
  • The Organisation for Economic Co-operation and Development (OECD) raised its growth forecast for India by 40 basis points (bps) to 6.6% for 2024-25. 
  • The Initial Jobless Claims in the US for the week ended April 27 remained unchanged at 208K, better than the expectation of 212K. 
  • The US Fed left interest rates unchanged on Wednesday and noted that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are easing sustainably to its 2% target. 


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