India Rupee, Bonds in Focus as RBI to End FCNR Deposit Window Early

India Rupee, Bonds in Focus as RBI to End Dollar Deposit Window Early Good morning... I’m Savio Shetty in Mumbai, as investors keenly wait to see how bonds and the rupee react to the central bank’s about-turn on overseas deposits. Just days after saying that it wouldn’t end the program prematurely, the Reserve Bank of India has announced that the so-called foreign currency non-resident, or FCNR (B), deposit facility will indeed close a month before schedule. We decode the likely effects for you below. In the equity market, shares of refiners will be in focus after the government directed them to prepare for a sharp increase in the output of cooking gas — a low-margin product — as the Iran war prolongs uncertainty over the Strait of Hormuz. Asian stocks are little changed in early trading on Monday, offering little in terms of cues for the Nifty 50, which capped its first weekly drop in three weeks on Friday. Traders will be closely watching the FOMC minutes later this week for signals on the Federal Reserve’s policy outlook. Any whiff of a more hawkish stance could affect emerging-market flows in general, with implications for Indian stocks as well as the rupee.