Reserve Bank of India issues draft to rationalize foreign-exchange management rules.

President Trump said the U.S. will not withdraw now and has already had a significant impact on Iran.

Hungary's central bank cut its policy rate 25bps to 5.75% on Tuesday, its second consecutive monthly reduction and in line with economists' expectations. The move follows a 25bps cut in June after forint appreciation led the bank to sharply lower its inflation forecast and shift policy toward easing. Governor Varga said there is room to deliver two further 25bps cuts over the summer, with a reassessment of economic conditions in September. Analysts, including Capital Economics EM economist Liam Peach, say current conditions continue to support additional easing despite some post-election forint retracement.