India's consumer price index (CPI) is due out later on Monday, followed on Tuesday by the release of the wholesale price index (WPI) – two indicators that could shed some light on whether interest rates in Asia's third biggest economy are likely to rise again.
Economists polled by Reuters forecast a 9.92 percent rise in the December CPI from a year earlier, slowing from an 11.2 percent increase in November.
The WPI, an inflation gauge, closely followed by the Reserve Bank of India (RBI), is estimated to rise 7.15 percent in December on-year compared with a 7.5 percent increase a month earlier.
"In India, CPI and WPI will be closely watched, with signs of easing food inflation likely to boost rupee gains further," analysts at Mizuho Corporate Bank said in a note. "But, the RBI will probably not find enough consolation in inflation data to capitulate on an underlying tightening bias just yet."
The RBI last month kept its key interest rate unchanged at 7.75, defying expectations for a hike to curb inflation. It lifted rates in September and October.
(Read more:India central bank surprises by keeping rates steady)
China's December foreign direct investment data is due out on Wednesday, but there's little else in the way of big economic news from Asia's largest economy, with focus on fourth quarter economic growth data due next week.
(Read more:China outstrips US as world's biggest trader)
There's also no major economic data from Japan this week, while in Australia local markets await the release of the latest jobs data.
— By CNBC.Com's Dhara Ranasinghe;