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Rupee Firms At Open; CPI, Industrial Production On Tap

INR

Broader USD/Asia flows are dominating in early dealing for the Rupee, USD/INR is ~0.1% lower as the greenback is pressured in Asia.

  • The pair deals at 82.25/30, and sits a touch above the 20-Day EMA (82.2771). We sit ~0.6% below the high from July 7 (82.7562).
  • Bears look to break the low from 3 July (81.7563). Bulls first look to break the high from July 7.
  • Equity inflows from Foreign investors have continued in July, a total of $1.46bn in Indian equities have been purchased in the month till Monday.
  • On tap today we have the June CPI print, which is expected to tick higher to 4.60% Y/Y from 4.25% in May. Also due is May Industrial Production, a print of 5.0% Y/Y is forecast and the prior read was 4.2%.
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