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Market Roundup 

* The Indian rupee is expected to open flat following stable Asian currencies. Implied opening fromforwardssuggeststhe spotmay starttrading around 83.30 fromthe previous 83.325.

* Spot USDINR little changed at 83.3250 on Thursday, down 0.2% this week. India’s 10-year yields rose 2bpsto 7.21% on Thursday, down 2bpsthis week.

* In the near term, spot USDINR is expected to consolidate between 83.20 to 83.50. The demand for dollar remained muted amid stable commodity prices. The foreign institutions inflows were seen in the primary market but outflow outpacing the inflows as they were net seller of equities and debts.

* Dollar Spot Index held steady, poised to close the week with a 0.3% decline. 10-year Treasury yield was little changed after surging 6bps on Thursday. The yen traded in a tight range after a recent slump as traders await the Bank of Japan’s policy announcement to see whether it will offersome supportfor the beleaguered currency.

* Elsewhere, oil headed for a weekly gain ahead of US inflation data that may give further clues on the path forward for monetary policy, shaping appetite for risk assets including commodities such as crude

* US GDP measured an annualised rate of 1.6% in the first quarter, the weakest pace of growth since the second quarter of 2022 when the economy contracted. That’s a steep slowdown fromthe fourth quarter’s 3.4% rate and also below the 2.2% rate economists projected

* US pending home sales — a forward-looking indicator based on contractsigningsrather than closings — climbed 3.4% in March, which was “the best performance in a year,”. That was well above the 0.3% decline forecast by economists.

* US inflation surged, with the personal consumption expenditures (PCE) price index, excluding food and energy, increasing at 3.7% after rising at 2% in the fourth quarter.

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