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Muted Start, CPI Lowest Since April 2021

INR

USD/INR prints at 82.40/42, little changed from yesterday's closing levels in early dealing.

  • The pair is consolidating below the 20-day EMA, however ranges do remain narrow.
  • Bears look to target low from May 4 at 81.6563. Bulls look to target a break of the 83 handle, the last test of 83 saw the RBI intervene in the FX market.
  • On the wires late yesterday May CPI printed at 4.25% Y/Y below the expected 4.31% Y/Y ticking lower from 4.70% in April. This was the lowest CPI print since April 2021.
  • Industrial Production for April also crossed, the measure rose 4.2% Y/Y greater than the expected 1.4%.
  • Looking ahead the domestic data calendar is empty today, however tomorrow May Wholesale Prices will cross. A fall of 2.50% Y/Y is expected.

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