FxWirePro: Indian rupee falls ahead of CPI data, intraday bias remains neutral

• USD/INR is currently trading at 66.43 marks.
   
• It made intraday high at 66.44 and low at 66.30 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close below 66.48 will drag the parity down towards 66.32, 65.02 and 65.96 levels thereafter.  
   
• Alternatively, reversal from 66.30 will take the parity up around key resistances at 66.54/66.86/67.18 levels respectively.
   
• Later today, India will release CPI data. Market anticipates CPI to fall to 5.00% m/m vs 5.18% m/m previous release. On the other side, industrial production data likely to rise around 1.0% m/m vs -1.5% previous release.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.