Global Markets: RBI Defends Rupee at 91 as Panasonic Exits US TV Market

Currency Markets - The Reserve Bank of India (RBI) is actively intervening in currency markets to defend the Indian Rupee (INR) at the critical 91 per dollar level, likely selling U.S. dollars in both spot and non-deliverable forward markets [2][3] - Market sentiment remains fragile due to high oil prices and persistent capital outflows, with analysts suggesting that the RBI is prioritizing volatility management [3] Corporate Shifts - Panasonic (PCRFY) has officially exited the U.S. television market, transferring its sales operations to Chinese rival Skyworth Group, reflecting the increasing dominance of Chinese manufacturers in the low-to-mid-range television market [4] - Piper Sandler has lowered its outlook for Beyond, Inc. (BYON), cutting its target price to $8 from $10 as the company navigates a complex restructuring, including the acquisition of Kirkland's Home assets and a shift towards a nationwide franchise model [5] China Economic Developments - China's fixed-income market is experiencing unprecedented demand, with 3-year government bonds yielding 1.32% and 10-year bonds at 1.75%, indicating investor flight to safety and expectations of further monetary easing by the People's Bank of China [6] - The National Immigration Administration reported 17.8 million cross-border trips during the Spring Festival, a 14.1% year-on-year increase, signaling a robust recovery in international tourism [7] Geopolitical Developments - Over 4 million citizens have returned to Afghanistan over the past year, driven by intensified deportation campaigns in neighboring Iran and Pakistan, raising concerns about the humanitarian situation as the country struggles with food insecurity [8][10]