India Macro Daily(Beta Mode)
RBI Swap Exit Swells Forex Reserves
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Nifty 50 | 24,252.00 | +0.08% |
| Sensex | 77,540.83 | +0.00% |
| USD/INR | 95.68 | -0.10% |
| EUR/INR | 111.75 | -0.03% |
| Reliance | 1,316.00 | +0.21% |
| HDFC Bank | 726.95 | +0.26% |
| Brent Crude | 93.37 | -1.08% |
| Gold | 4,687.10 | +1.36% |
| Bitcoin | 77,468.38 | +0.50% |
| India Short-term Rate | 5.50% | +0.00% |
| India Long-term Rate | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
India Exports Value | Type: macro_line | USD mn: 13.85 (2026-06-01) | Range: -18.76–45.75 | Trend(6pt): 23.13,9.708,2.683,0.8389,19.61,13.85
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Friday (2026-08-28) | |||
| Industrial Production Year-over-Year | 7.30 | 6.20 | 06:30 |
| Manufacturing Production Year-over-Year | 7.80 | - | 06:30 |
- Nifty edges up 0.08% while rupee strengthens on RBI support amid flat equities.
- Forex reserves climb $9.9 billion to $716.9 billion after swap inflows.
- August industrial production and manufacturing data due next week.
Yesterday's Recap
Indian equities finished nearly unchanged as Nifty 50 rose 0.08% to 24,252.00 and Sensex held at 77,540.83. The rupee gained 0.10% to 95.68 against the dollar, supported by RBI intervention and a softer greenback. Forex reserves increased $9.9 billion to a record $716.9 billion, driven by strong inflows into the central bank's dollar swap schemes that collected over $72.8 billion before early termination.
FPIs added ₹23,544 crore to Indian equities during August on steady earnings and rupee stability. The government appointed three additional members to the RBI Central Board. India secured $511.5 million in FDI through 29 proposals under the new automatic route for neighboring-country investors.
Reliance and HDFC Bank posted modest gains of 0.21% and 0.26%, respectively.
The Day Ahead
Markets will focus on August industrial production and manufacturing output data scheduled for 28 August, with consensus expecting a slowdown to 6.2% from 7.3%. HSBC Flash India PMI is expected to show continued private-sector expansion, offering an early read on momentum ahead of final prints. Geopolitical tensions and US-Iran developments will influence crude-oil prices and equity sentiment.
Expanded rupee-based export rules take effect, aimed at supporting trade invoicing in local currency. No RBI speeches or policy announcements are scheduled before the weekend. Brent crude at $93.37 and gold at $4,687.10 will remain key external inputs for Indian asset pricing.
Other Economic Notes
India's push to broaden rupee settlement in exports reflects efforts to reduce dollar dependence and stabilize trade flows amid global volatility. FDI approvals under the revised neighbor policy underscore continued capital attraction despite regulatory tightening elsewhere. Sugar prices have risen sharply as domestic gas shortages curb refinery output, raising the prospect of renewed import reliance.
Equity inflows remain supported by earnings visibility in IT and banking, while infrastructure capex momentum continues to underpin steel and cement demand. These developments reinforce India's resilient growth trajectory even as external risks persist.
