March 13, 2023 04:16 GMT
Rupee Firmer, CPI On Tap
USD/INR prints at 81.80/81, ~0.3% softer today.
- The rupee is benefitting from the broad based USD weakness in Asia, however USD/INR is lagging compared to its peers (ADXY is up ~0.7%), perhaps a reflection of the INRs recent outperformance in March.
- Equity inflows continued last week with ~$564mn in local equities bought by global investors in the week to Thursday.
- On Friday Jan Industrial Production printed at 5.2%, above the expected 5.1%, and the prior read was revised higher to 4.7%.
- On the wires today we have Feb CPI, the Bloomberg Median Estimate is at 6.4% which is above the upper inflation target of the RBI. A firm print may reduce odds of an RBI pause in the April policy meeting.