Macro watch · the data this course moves to

Know the print before it drops.

The Indian macro releases the sessions keep referring to — CPI, the RBI rate decision, the liquidity operations and the policy corridor — with the next dates and a plain-English “why it matters,” linked back to the note that explains it.

Markets today

snapshot

NIFTY 50^NSEI ▴ +34.35+0.14%

24,056.00

SENSEXBSE ▴ +109.25+0.14%

77,100.47

USD / INRFX ▾ -0.12-0.13%

94.51

10Y G-SecIN10Y ▾ -0.03-0.44%

6.77%

Snapshot · 29 Jun 2026 · indicative intraday shape — wire a live feed or scheduled refresh to update automatically.

Policy snapshot

Repo rate

5.25%

unchanged

SDF · floor

5.00%

MSF · ceiling

5.50%

Stance

Neutral

CPI · May ’26

3.93%

y-o-y

As of Jun 2026 · last decision: MPC, 3–5 Jun 2026 (repo held, neutral) · Governor Sanjay Malhotra. Sources linked below.

The LAF corridor right now

SDF — floor5.00%

Repo — policy rate5.25%

MSF — ceiling5.50%

50 bps wide. The RBI steers overnight rates inside this band. Floor = SDF (parks cash, no collateral) · Ceiling = MSF (emergency borrowing).

What’s coming up

~13Jul

CPI inflation — June 2026

Released around the 12th–13th (2024 base year). The print the MPC reacts to → inflation & the Phillips curve.

—

05Aug

RBI MPC rate decision

3–5 Aug 2026 meeting. Sets the repo rate & stance — the heart of Session 3 & the IS-MP framework.

—

~12Aug

CPI inflation — July 2026

Next monthly retail-inflation print.

—

07Oct

RBI MPC rate decision

5–7 Oct 2026 meeting (FY27 calendar).

—

04Dec

RBI MPC rate decision

2–4 Dec 2026 meeting.

—

05Feb

RBI MPC rate decision — final FY27

3–5 Feb 2027 meeting.

—

•Ongoing

VRR / VRRR liquidity auctions

Announced as needed (main 14-day + fine-tuning), not on a fixed calendar. VRRR absorbs surplus cash; VRR injects it — how the RBI keeps the overnight rate near repo.

as announced

The metrics, in one line each

CPI inflation

Year-on-year change in retail prices (2024 base). The MPC’s primary target — 4% ±2%. Released ~12th monthly by MoSPI.

Why it matters →

Repo rate & the MPC

The rate at which banks borrow from the RBI. Six MPC meetings a year set it and the stance — the policy lever in the IS-MP world.

Why it matters →

Liquidity — VRR / VRRR

RBI’s open-market liquidity tools. VRRR drains surplus cash, VRR adds it — the day-to-day plumbing that keeps overnight rates inside the corridor.

Why it matters →

The LAF corridor

SDF (floor) → Repo → MSF (ceiling). The 50 bps band the RBI defends. Its width and where the call rate sits signal how tight policy really is.

Why it matters →

Snapshot maintained by the community — verify against primary sources before quoting: RBI Monetary Policy · MoSPI CPI. Repo 5.25% / SDF 5.00% / MSF 5.50% as of the Jun 2026 MPC; FY27 meeting calendar released 23 Mar 2026.