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Firmer In Early Trade, Industrial Production, CPI Headline Week

INR

The rupee has firmed in early dealing, USD/INR sits at 81.70/73 ~0.1% lower than Thursday closing levels as on shore markets reopen after the observence of a national holiday on Friday.

  • Barclays have noted that the INR may log "measured gains" on softer Oil prices and equity inflows, link is here.
  • The pair continues to consolidate below the 20-Day EMA, bears look to target 200-Day EMA (81.28). Bulls first look to break the 20-Day EMA at 81.96.
  • The data calendar is headlined this week by Industrial Production for March and April's CPI. Both cross on Friday evening, the market looks for CPI to tick lower to 4.80% from 5.66%. Finance Minister Sitharaman noted at the weekend that inflation is slightly above the tolerance limit and rauthorites are taking steps to rein it in, link is here.
  • Industrial Production is expected at 3.3% softening from 5.56% in February.
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