Indian CPI (Aug YY) 4.82% vs. Exp. 4.8% (Prev. 4.45%)

The distinction that has historically mattered for the RBI is between food-led spikes, which the central bank has tended to look through while keeping a hawkish tone, and any broadening into core, which has been the trigger for genuine repricing of the policy path. Transmission runs through the front end of the INR rates curve and OIS pricing for the next RBI decision rather than through the currency directly, though sustained upside surprises have on previous occasions pressured the rupee via real rate expectations. The next tells are the core and food breakdowns in the detail, and whether RBI commentary in the following days treats the uptick as transitory or as validating its cautious stance. As an in-line print with an upward drift, this is a tone input rather than a path-changing one.