On Tuesday, the value of the Indian Rupee (INR) decreased when compared to the US Dollar (USD). This was due to the USD becoming stronger globally and a rise in Crude Oil prices. However, despite this temporary decline, the Indian economy showed signs of strength at the beginning of the year.
Key Economic Indicators:
- Inflation: The Consumer Price Index (CPI) decreased to 5.10% YoY in January, which is the lowest in three months. This figure falls within the target range set by the Reserve Bank of India (RBI). The RBI has kept its inflation forecast for FY24 unchanged at 5.4% and expects it to reach 5% by March.
- Industrial Production: Improved to 3.8% YoY in December, exceeding expectations.
- Manufacturing Output: Grew 3.9% MoM in December, indicating continued expansion.
- Foreign Exchange Reserves: Rose to USD 622.4 billion, providing a buffer against external shocks.
source: tradingeconomics.com
Upcoming Data:
- India’s Wholesale Price Index (WPI) data on Wednesday.
- US Consumer Price Index (CPI) data on Tuesday.
- Later this week, the US Retail Sales and Producer Price Index (PPI) data will be released.
Looking Ahead:
- INR remains sensitive to global headwinds and uncertainties, particularly oil prices and US monetary policy.
- Key data releases this week, particularly US CPI, could impact INR and global markets.
- Despite the short-term weakness, the underlying strength of the Indian economy suggests potential for INR appreciation in the medium to long term.
USD/INR Long (Buy)
Enter At: 83.2947
T.P_1: 83.2947
T.P_2: 83.6100
T.P_3: 84.0421
T.P_4: 84.4536
T.P_5: 84.8652
T.P_6: 85.4414
T.P_7: 85.8324
T.P_8: 86.2233
T.P_9: 86.5312
S.L: 82.1314
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