-In Asia, the key events are the Reserve Bank of India's (RBI's) interest rate decision (Tuesday) and the official China PMI (Wednesday). We and the consensus expect the RBI to leave policy unchanged. Expectations of interest rate cuts have receded in recent weeks on imported inflation concerns, following the sharp sell-off in the INR.
-High nominal interest rates have been a key factor in holding back domestic demand in India in recent quarters. With relatively elevated inflation likely to inhibit the ability of the central to cut interest rates to boost economic growth in the near term, these conditions may accelerate recent portfolio outflows and limit rupee appreciation.
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