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USD/INR Falls Below 82, CPI Rises In June

INR

The Rupee has firmed in early dealing as softer US CPI and a firmer than expected Indian CPI print weigh on USD/INR.

  • The pair now sits a touch below the 82 handle printing its lowest level since 4 July. USD/INR is ~0.3% lower than Wednesday's closing levels.
  • Technically the 20-Day EMA has been cleared, now bears focus on the 200-Day EMA (81.5763). Bulls look to break the high from 7 July (82.7562).
  • Indian CPI rose in June and was firmer than expected, printing at 4.81% Y/Y vs 4.60% exp ticking higher from May's print which was a 25-month low. The uptick in CPI may delay any potential rate cuts as RBI will have to wait longer for CPI to reach the mid-point of its 2-6% target band.
  • Also on the wires yesterday was May Industrial Production which rose to 5.2% Y/Y from 4.2% in April.
  • Looking ahead; June Trade Balance which is due tomorrow rounds off the weeks docket.
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