USD/INR Price News: Hovers around 76.00 in a holiday-truncated week, US CPI sees at 8.5%

• USD/INR has overstepped 76.00 firmly on expectations of a higher US inflation print.
• A plunge in oil prices is not advocating the oil-sensitive Indian rupee.
• US administration and IEA will collectively infuse 240 million barrels of oil into the global supply.

The USD/INR pair has climbed above the round level resistance of 76.00 in the opening trade as the market participants are betting over a solid US inflation print on Tuesday. The asset is consolidating in a range of 75.70-76.07 since April 6 and is expecting to witness decent gains after exploding the trading range on the upside.

The upcoming release of the US Consumer Price Index (CPI) has underpinned the greenback against the Indian rupee. The yearly US CPI is likely to land at 8.5%, significantly higher than the prior figure of 7.9%. The collective effort of elevated inflation print and Unemployment Rate, which was released last week at 3.6%, will strengthen the intention of the Federal Reserve (Fed) to feature a jumbo interest rate hike.

Meanwhile, the market participants are likely to remain on the sidelines amid a holiday truncated week. The Indian markets will remain close on Thursday and Friday on account of Dr.Baba Saheb Ambedkar Jayanti and Good Friday respectively.

The Indian rupee has failed to capitalize upon the falling oil prices. West Texas Intermediate (WTI) plunges around 3% on Monday amid easing supply concerns as the US administration and International Energy Agency (IEA) will collectively release 240 million barrels in a period of six months. The additional release of 1.3 million barrels per day (bpd) of oil will comfortably offset the cut of one million bps in Russian oil exports.