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India retail CPI hits 4.38% in June, stronger than estimates
USD/INR was trading around 95.60 after the CPI release, with FX showing no strong immediate reaction.
India’s retail Consumer Price Index rose to 4.38% year over year in June, beating the 4.3% estimate and coming in above the prior reading of 3.93%, according to data released by the Ministry of Statistics and Programme Implementation.
FXStreet said there was no strong immediate reaction in the Indian rupee after the CPI print, as USD/INR was trading higher around 95.60 at the time of publication.
The CPI is described as a key inflation indicator that tracks the average price change for goods and services purchased by households, and it is used to gauge shifts in purchasing trends.
FXStreet added that a higher reading is generally viewed as supportive for the INR, while a lower reading is typically seen as bearish, though the initial market response to June’s CPI appeared muted.