- The Indian government is considering lowering personal tax rates for some groups of people, which could help boost consumption in the economy, two government sources told Reuters.
- India’s foreign exchange has risen by nearly $15 billion in the first half of July, reaching a historic high of $667 billion.
- “The upcoming Union Budget is expected to provide a strong outlook for the rupee, as it will outline India's income and expenditure roadmap for the next year. The rupee remains broadly range-bound between Rs 83.25 a dollar and Rs 83.80 per dollar," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
- The Indian economy is likely to grow by 6.5% to 7% this year with prospects of clocking 7%-plus growth in coming years, according to the Economic Survey for 2023-24.
- New York Fed President John Williams and Fed Governor Christopher Waller noted that the US central bank is getting “closer” to where it wants to be in terms of rate cuts.
- Traders in Fed Funds Futures markets have fully priced in rate cuts in September, with at least two quarter-point cuts in 2024
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