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USD/INR See-Sawing Around 83, CPI On Tap

INR

USD/INR continues to see-saw around the 83 handle with little follow through on moves as Indian CPI (due today) and US CPI (due tomorrow) come into view.

  • In early trade today USD/INR has opened a touch below the 83 handle and last prints at 82.95/96.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears look to target the 20-Day EMA (82.8471).
  • August's CPI print today headlines this week's docket, CPI is expected to tick lower to 7.10% Y/Y remaining above the RBIs inflation band for the 2nd consecutive month.
  • Also due this evening is July Industrial Production, which is expected to print at 5.3% Y/Y. The prior read was 3.7% Y/Y.

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