USD/INR Price News: Rupee bears await India inflation near record top surrounding 77.50 By anilpanchal7 USDINR Inflation RiskAppetite CentralBanks Currencies
dian rupee pair remains on the back foot around the record top, marked on Monday, with eyes on India's inflation data for April, amid expectations of witnessing 18-month high figures. for April, versus 6.95% prior, traders appear cautious as the Reserve Bank of India has already announced 40 basis points of a rate hike to surprise the market earlier in the month. As result, traders would seek anything above the expectations to mark a notable move.
On Wednesday, much-awaited US Inflation data rose past market consensus but the traders sought solace in softer-than-previous releases. That said, the headline Consumer Price Index rose to 8.3% YoY versus 8.1% expected and 8.5% prior. More importantly, the CPI ex Food & Energy, better known as Core CPI, crossed 6.0% forecasts with 6.2% annual figures, versus 6.5% previous readouts.
With this in mind, Reuters said, “Downward pressure on the INR will increase due to a broadly stronger U.S. dollar, higher oil prices and the threat to India's nascent economic recovery from higher interestIt’s worth noting that foreign fund outflow and the broadstrength, amid Fed’s 50 bps rate hike keep USD/INR buyers hopeful. “Foreigners have sold a net $19 billion of domestic shares year-to-date and a net $579.
Moving on, India inflation will be crucial for USD/INR traders while weekly prints of the US Jobless Claims and monthly Producer Price Index will also decorate today’s calendar.Bearish RSI divergence and repeated failures to cross a five-month-old ascending resistance line, near 77.55 by the press time, keep USD/INR sellers hopeful of a pullback towards March’s high near 77.17.
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