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Muted Start For Rupee; CPI, Industrial Production On Tap

INR

USD/INR has opened dealing little changed from Friday's closing levels in a muted start to the week's dealing.

  • Ranges continue to be narrow in recent dealing, the pair has see-sawed around the 20-Day EMA (82.49) with little follow through.
  • We sit a touch under the measure on Monday and bears look to target 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.
  • Indian finance ministry officials will meet credit rating agency Moody's Investors Service on June 16 and pitch for a sovereign rating upgrade, more here.
  • Inflows into Indian equities from Foreign Investors continue, with $74.22mn on 8 June bringing to total inflow June to date to $721.3mn.
  • On the wires today we have May CPI, the market expects a rise of 4.32% Y/Y moderating from 4.70% in April.
  • Also due is Apr Industrial Production, a rise of 1.3% Y/Y is forecast, an uptick from 1.1% Y/Y in March.
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