- India's wholesale-price index weakened to a nine-month low of +4.68% on year in February from +5.05% in January and came in below consensus of +4.9%.
- The falling WPI adds to declining CPI as the the Reserve Bank of India focuses on reducing inflation, with the RBI hiking interest rates three times since September.
- “We need to see a sustained drop in inflation for the central bank to start cutting rates," strategist Tirthankar Patnaik said before the WPI report. "We don't expect the RBI to change its stance in a hurry as price pressures remain in the economy."
- The Sensex is -0.8% and the USD-INR is -0.2% 61.371 rupees.
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