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The US dollar weakened on Monday, while the Indian rupee opened stronger. India’s retail inflation rate rose to 5.69% in December from 5.55% in November, hitting a four-month high and below market expectations of 5.87%, the Ministry of Statistics and Program Implementation reported on Friday. Although overall retail inflation rose again in December and has been above the 4% medium-term target set by the Reserve Bank of India (RBI) for 51 consecutive months, it is still close to the 2%-6% target set by the Reserve Bank of India (RBI). tolerance range.
India’s Wholesale Price Index (WPI) inflation will be in focus on Monday. In addition, India’s wholesale price index fuel, food sub-data and trade account will be released later in the day. Monday coincides with Martin Luther King’s birthday. The U.S. market is closed for a holiday. There is no important economic data released in the United States. Market risk sentiment may still be the main driver of the USD/INR price trend.
