USD/INR Falls Ahead Of India Inflation Data

The Indian rupee (INR) remained positive on Wednesday despite a stronger US dollar (USD). Downside for the INR is likely to be limited as the Reserve Bank of India (RBI) is likely to prevent depreciation of the local currency. On the other hand, weakness in Asian peers, rising crude oil prices, and cautious sentiment are likely to drag the INR lower.

India’s May Consumer Price Index (CPI) and industrial production will be released on Wednesday. In the US, CPI inflation data will be released ahead of the Federal Reserve’s monetary policy meeting. The Fed is widely expected to keep the policy rate steady at its June meeting on Wednesday. Investors will closely watch the speech of Fed Chairman Jerome Powell at the press conference for more clues on the revision of the interest rate dot plot. A hawkish tone from Fed Powell is likely to boost the dollar and provide a “tail wind” for the currency pair.

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