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MNI China Daily Summary: Monday, May 08

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Rupee Firmer, CPI On Tap

INR
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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.
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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.