ISHRS MSCI India

RBI Governor: March-April CPI Inflation Below Target

Reserve Bank of India Keeps Benchmark Interest Rate at 5.25%

India Considers Expenditure Controls to Meet Fiscal Deficit Target

Survey shows India's central bank likely to hold repo rate at 5.25% on Friday

India Signals Concern Over Rupee Devaluation, Plans Measures to Intervene

India's Central Bank May Surprise with Rate Hike to Stabilize Slumping Rupee

India's May Services PMI Final at 59.8, Above Expectations

Indian Trade Minister: India Targets $1 Trillion Total Exports in Current Fiscal Year

Indian Regulator Tackles Foreign Investor Access and PAN Allocation Issues

Fitch Warns: Middle East Conflict Could Lead to India's Rating Outlook Adjustment

UBS Downgrades India Stock Rating to Neutral

India Considers Emergency Measures to Boost Coal Power Generation Due to Gas Supply Shock

Indian Market Regulator Issues Consultation Paper on Modifying Securities and Mutual Fund Account Nominee Rules

Indian Overnight Index Swap Rates Surge

RBI May Be Selling USD To Stem Rupee Decline

US-India Trade Deal Expected to Improve Rupee Prospects

India Proposes to Raise Equity Derivatives Tax to Curb Speculation

India's Central Bank Intervenes in Forex Market to Prevent Rupee Devaluation

Trump Imposes Additional Tariffs on Indian Goods

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The RBI's Monetary Policy Committee decided to hold the repo rate at 5.25% with a neutral stance, citing a balanced response to currency weakness and inflation risks from geopolitical tensions and high oil prices. This pause allows monetary transmission to complete and protects the inflation anchor. While FY27 GDP growth forecasts were revised down to 6.6%, banking sector fundamentals remain strong with low NPAs, supporting sustainable credit expansion and economic stability.

- The Monetary Policy Committee decided to maintain the repo rate at 5.25% amid a significant shift in macroeconomic conditions, prioritizing economic stability over further easing.  
- This decision comes in light of increased inflation risks due to geopolitical tensions and rising energy prices, prompting a revision of the FY27 CPI inflation projection to 5.1%.  
- The pause in monetary policy is seen as essential for effective transmission and maintaining credit affordability, supporting sustainable growth amid external challenges.

Business Standard

Invesco India ETF

'RBI policy pause supports growth; balanced response to currency weakness'

FLIN

India has announced several measures to boost capital inflows, including the scrapping of capital gains tax for foreign investors in government bonds.

Wtree India Earnings

Franklin FTSE India

India scraps tax on overseas bond investors in bid to attract foreign capital and shore up the rupee

EIDO

Asian central banks are intensifying efforts to defend their currencies against the US dollar, driven by high energy costs and expectations of Federal Reserve rate hikes. South Korea, Indonesia, Japan, and India have all announced interventions or policy measures to stabilize their respective currencies, which have hit record lows or near-decade lows. Authorities cite strong dollar demand, oil prices, and capital outflows as key pressures.

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Asia steps up currency defence as South Korea, Indonesia vow action

INDY

MCHI

A report by Koan Advisory Group advises India to reassess existing Free Trade Agreements (FTAs) and modernize its investment screening architecture amid geopolitical fragmentation. Key recommendations include auditing FTAs for effectiveness, aligning trade with industrial priorities, and adopting a sector-specific, national-security-led framework for investment screening rather than blanket restrictions. The report emphasizes proactive integration, reducing strategic vulnerabilities while sustaining manufacturing growth, particularly regarding engagement with China.

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India should reassess FTAs, modernise investment screening: Report

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The Reserve Bank of India held the repo rate at 5.25%, maintaining a neutral stance. While inflation forecasts were raised due to oil prices and supply chain disruptions, the central bank emphasized that underlying inflation remains benign. The primary focus has shifted from domestic interest rates to managing external stress, including a widening current-account deficit and capital outflows. Consequently, the RBI announced measures to attract foreign capital and strengthen the balance of payments, signaling that defending the external account will define monetary policy for FY27.

- The Reserve Bank of India (RBI) maintained the repo rate at 5.25%, focusing more on external pressures than on domestic demand.  
- While consumer-price inflation remained low at 3.5%, the RBI raised its FY27 inflation forecast to 5.1%, citing rising oil prices, disrupted supply chains, and a weak monsoon.  
- The RBI's measures to attract foreign capital indicate a shift towards managing external challenges rather than traditional inflation concerns, emphasizing the need for a stronger balance of payments amidst economic uncertainties.

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Central bank preparing for external stress, a theme to prevail in FY27

TEVA

SFTX

The Horizon International Managed Risk ETF (SFTX) experienced unusually high trading volume on Monday, with over 2.6 million shares traded compared to a three-month average of 79,000. SFTX shares rose approximately 0.6%. Key components included PDD Holdings, which saw significant volume and rose 4%, and the iShares MSCI India ETF, which declined 1.5% on high volume. Teva Pharmaceutical Industries lagged, dropping 3.5%.

- The Horizon International Managed Risk ETF experienced significant trading activity on Monday, with over 2.6 million shares exchanged compared to an average of about 79,000.  
- Notably, PDD Holdings rose approximately 4% with over 8.0 million shares traded, while the Ishares MSCI India ETF declined about 1.5% on over 3.2 million shares.  
- Teva Pharmaceutical Industries underperformed, down about 3.5%.

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Monday's ETF with Unusual Volume: SFTX

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India's GDP growth is forecast to slow to 7.2% in Q1 2026 from 7.8%, driven by softer exports, manufacturing declines, higher U.S. tariffs, and oil price spikes. Despite these macroeconomic headwinds and weak private investment, foreign inflows remain strong, highlighted by AirTrunk's planned $21 billion data center in Maharashtra.

- Economists predict India's GDP growth will slow to 7.2% in Q1 2026, down from 7.8% in the previous quarter due to decreased exports and manufacturing.  
- Contributing factors include higher U.S. tariffs, rising oil prices from Middle East conflicts, and weak private investment.  
- Despite these challenges, AirTrunk's planned $21 billion data center in Maharashtra highlights a strong influx of foreign investment in tech infrastructure.

GX INDIA TOP 10

CAM MSCIINDIA

India GDP growth forecast at 7.2% amid trade headwinds

02836

The article highlights the critical need for India to attract foreign savings due to stagnating domestic fund flows and rising global financial pressures. While total flow of funds increased in FY26, reliance shifted heavily to bank credit as non-banking and foreign sources declined. With domestic savings projected to fall, attracting capital inflows via schemes like FCNR(B) is essential to support investment. The RBI faces the challenge of drawing capital amidst tight global conditions without raising interest rates, which could further dampen growth.

ISHARES INDIA

RBI monetary policy: The critical need to attract foreign savings

Goldman Sachs reports that poorer economies are still catching up with richer ones, defying globalization slowdowns. Asia, led by China, India, Indonesia, and Bangladesh, drives this income gap narrowing. Emerging markets are forecast to grow at 3.8% annually from 2024-29, more than double the rate of developed economies.

iShares MSCI EM Market Asia

Goldman Sachs

GS Hldg R

Goldman says poor nations still catching up despite trade slowdown

INDH

India faces a self-inflicted mini foreign-exchange crisis, with the rupee depreciating nearly 12% against the dollar due to simultaneous current and capital account deficits. The government is considering reforms, including tax cuts for foreign investors and restrictions on capital outflows, to stabilize the currency. Experts attribute this to policy missteps that discouraged foreign capital, exacerbating structural vulnerabilities like high import dependence and insufficient domestic savings needed to sustain economic growth ambitions.

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Mini crisis, self-inflicted: Policy missteps leave the rupee under pressure

$ISHRS MSCI India(INDA.US)$Ps India Port(PIN.US)$NASDAQ Composite Index(.IXIC.US)The Indian stock market has risen for the 13th consecutive day, continuously hitting new historical highs.Previously recommended Indian ETFsFuture in South Asia and Southeast Asia

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