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Marginally Firmer In Early Dealing, CPI Headlines Week’s Docket

INR

The Rupee is a touch firmer in early dealing, USD/INR has retreated from its highest level since late May and is down ~0.1% today.

  • The pair is trimming some of Friday's ~0.3% gain, as the Rupee suffered its largest one week fall since early December 2022.
  • Bulls target a break of the high from May 23 (82.8475) which opens the 83 handle, a level at which the RBI intervened in February. Bear's immediate focus is on the 20-Day EMA (82.27).
  • In the week to Thursday there was $1.228bn of inflows from foreign investors into Indian equities.
  • The highlight of the week's data docket is the June CPI print which crosses on Wednesday, an uptick in CPI to 4.58% Y/Y from 4.25% is expected.
  • Also due this week is May Industrial Production, an increase of 5.0% Y/Y is expected, which crosses on Wednesday. On Friday June Trade Balance is due, a deficit of -$20.05bn is expected.
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