USD/INR 1-Month NDF look through below-forecast Indian CPI and industrial output readings and last change hands +16 pips at INR82.74. A break above Dec 7 high of INR82.90 is needed to bring the all-time high of INR83.57 into play. Bears look for a dip through the 50-DMA at INR82.22.

• Headline CPI decelerated to +5.88% Y/Y last month from +6.77% recorded in October versus the consensus forecast of +6.35%, returning below the 6% mark (i.e. the upper end of the RBI's tolerance band) for the first time this year. Meanwhile, industrial production fell 4.0% Y/Y in October, missing expectations of a 1.0% contraction.