分析师表示，印度储备银行的流动性提升在外汇市场干预中步履蹒跚。四位分析师表示，印度储备银行通过分阶段下调现金准备金率注入流动性的影响小于预期，因为美元销售和到期的外汇远期耗尽了资金，使短期利率趋于上升。

India RBI's liquidity boost falters amid FX market intervention, analysts say.The Reserve Bank of India's liquidity infusion via a phased cash reserve ratio cut had less impact than expected as dollar sales and maturing FX forwards drained funds, poising short-term rates for a rise, four analysts said.

根据印度汽车制造商协会（SIAM）的数据，印度乘用车总销量在上个月下降9.0%后，于2025年9月同比下降9.2%，至312791辆。这些数字不包括宝马、梅赛德斯-奔驰、捷豹路虎（JLR）和沃尔沃的销售额。SIAM总裁Shailesh Chandra表示：“商品及服务税2.0改革是印度政府的一项具有里程碑意义的决定，除了将印度汽车业提升到一个新的水平外，还将为整个经济带来活力，因为这个行业与强大的前向和后向联系密切相关。”。他补充道：“尽管新的商品及服务税税率从9月22日开始生效，即仅在一个月的9天内生效，但我们已经开始看到一些积极的变化。”按月计算，乘用车销量增长了11.4%，从8月份政府降低车辆商品及服务税率后6.8%的暴跌大幅反弹。

Total passenger vehicle sales in India fell by 9.2% year-on-year to 312,791 units in September 2025, following a 9.0% decline in the previous month, according to data from the Society of Indian Automobile Manufacturers (SIAM). The figures exclude sales from BMW, Mercedes-Benz, Jaguar Land Rover (JLR), and Volvo. “GST 2.0 (Goods and Services Tax) reform is a landmark decision by the Government of India, which—apart from catapulting the Indian auto industry to the next level—will bring vibrancy to the entire economy, as this industry is closely intertwined with strong forward and backward linkages,” said Shailesh Chandra, President of SIAM. “In spite of the new GST rates coming into effect from the 22nd of September, i.e, only for nine days of the month,” he added, “we have already begun to see some positive movement.” On a monthly basis, passenger vehicle sales rose by 11.4%, rebounding sharply from a 6.8% plunge in August, after the government reduced GST rates on vehicles.

印度储备银行采取积极措施应对沉重的抛售压力后，印度卢比兑美元汇率升至88.3左右，达到近一个月来的最高水平。在过去两周将卢比汇率保持在88.80的历史低点之上之后，央行似乎对做空卢比采取了更强硬的立场。国有银行早期出售美元促使交易员解除头寸，推动货币迅速反弹。干预有助于缓解近几周来对卢比造成的压力，包括美国的高额关税、更严格的移民规定、外国资金外流以及黄金等贵金属价格飙升，鉴于印度严重依赖黄金进口，这是一个关键的脆弱性。与此同时，在美联储主席杰罗姆·鲍威尔的言论强化了对美国进一步货币宽松的预期之后，美元持续疲软提供了额外的支撑。

The Indian rupee strengthened to around 88.3 per USD, hitting its highest level in nearly a month, after the Reserve Bank of India took aggressive steps to counter heavy selling pressure. After holding the currency above its record low of 88.80 for the past two weeks, the central bank appeared to adopt a more forceful stance against short bets on the rupee. Early dollar sales by state-run banks prompted traders to unwind positions, fueling a swift rebound in the currency. The intervention helped ease the pressures that had weighed on the rupee in recent weeks, including steep US tariffs, tighter immigration rules, foreign outflows, and surging precious metal prices like gold, a key vulnerability given India’s heavy reliance on gold imports. Meanwhile, ongoing softness in the US dollar offered additional support, following Fed Chair Jerome Powell’s remarks that reinforced expectations of further US monetary easing.

BSE Sensex指数周三早盘上涨331点，涨幅0.4%，至82361点，结束了连续两天的下跌。在美联储主席杰罗姆·鲍威尔暗示劳动力市场疲软后，随着对美国降息的预期上升，该指数追随亚洲同行的上涨。印度9月的整体通胀数据也提振了国内情绪，该数据低于印度储备银行的目标区间，增加了12月政策会议降息的希望。Nifty 50指数也上涨了0.4%，而小盘股和中盘股指数分别上涨了0.3%和1.0%。进一步提振市场情绪，国际货币基金组织将印度2025/26财年GDP增长预测上调至6.6%。几乎所有行业都在绿色交易，以金融服务、科技和银行股为首。然而，持续的美中贸易紧张局势限制了上行空间。早期上涨股包括雀巢印度（1.6%）、巴贾吉金融服务公司（1.6%），亚洲涂料公司（1.4%）、巴贾吉金融公司（1.3%）和电网公司（1.1%）。

The BSE Sensex climbed 331 points, or 0.4%, to 82,361 in morning trade on Wednesday, snapping a two-day losing streak. The index tracked gains in Asian peers amid rising expectations of a US interest rate cut, after Federal Reserve Chair Jerome Powell signaled weakness in the labor market. Domestic sentiment was also boosted by India’s headline inflation data for September, which came in below the RBI's target range, raising hopes of a rate cut at the December policy meeting. The Nifty 50 also rose 0.4%, while small-cap and mid-cap indices advanced by 0.3% and 1.0%, respectively. Further lifting sentiment, the IMF revised up its forecast for India’s FY2025/26 GDP growth to 6.6%. Almost all sectors traded in the green, led by financial services, technology, and banking stocks. However, ongoing US-China trade tensions capped the upside. Among the early gainers were Nestle India (1.6%), Bajaj Finserv (1.6%), Asian Paints (1.4%), Bajaj Finance (1.3%), and Power Grid (1.1%).