Indian Rupee consolidates amid delayed US-Iran deal as traders shift focus to US CPI

The article says USD/INR is consolidating as traders weigh a softer US dollar after weak NFP data against a still-bearish structural backdrop for the Indian rupee. Markets have shifted focus to Wednesday’s US CPI, which is expected to be the next major catalyst for Fed rate expectations and the dollar’s direction. On the INR side, momentum has faded after the delayed US-Iran deal failed to materialize, while the RBI kept rates unchanged at 5.25% and maintained a neutral stance, offering little support to the rupee. Technically, USD/INR is holding above key support at 95.10 and trading in a 95.10–95.60 range, with a break above resistance targeting 96.10 and a break below support opening 94.00. Overall, the setup remains mildly bullish for USD/INR unless CPI data surprises lower or the pair loses support.