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CPI Back Within RBI Band, March Trade Balance On Tap

INR

USD/INR has opened dealing 81.95/82.00 the pair is ~0.1% softer this morning reflecting broader greenback trends observed in USD/Asia today

  • Technically we continue to consolidate. Bears look to target the 200-Day EMA at 81.09. Bulls look to target the 83 handle, however they will first need to clear the 20-Day EMA (82.23).
  • March CPI printed a touch below expectations yesterday at 5.66%, CPI is now back within the RBIs target band. The print was the lowest since December 2021.
  • Feb Industrial Production was firmer than expected at 5.6% above the expected 5.0%. January's print was revised higher to 5.5%.
  • On the wires today we have March Trade Balance, a deficit of $18.2bn is expected.
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