Ella 
The US dollar maintained demand and the Indian rupee traded lower on Monday. Inflows related to initial public offerings (IPOs) provided some support to the rupee last week, but it struggled to move higher as continued pressure from domestic corporates for dollars continued. India’s underlying growth trends remain strong, with domestic consumption supporting economic activity.
Retail inflation has slowed due to monetary policy and supply-side measures. The Reserve Bank of India expects the Indian economy to grow 6.5% in July-September. RBI Governor Das said the growth figure will be unexpectedly higher.
However, Das, Governor of the Reserve Bank of India, said that the Indian economy is still not out of the woods and there is still a long way to go. Furthermore, the global economic slowdown and reduced government capital expenditure are likely to slow down India’s economic growth path.
Indian markets were closed on Monday for the Guru Nanak Jayanti holiday. The focus this week will be India’s Q2 GDP and US Q3 GDP. In addition, India’s fiscal deficit data, a review of monetary and credit information from the Reserve Bank of India, and infrastructure output will also be released. Additionally, the final phase of state elections on Thursday may trigger market volatility in the short term.
