The Indian rupee was likely to open marginally higher against the dollar on Wednesday ahead of the U.S. inflation data, which analysts say will influence the Federal Reserve's rate decision at its next meeting.
The non-deliverable forwards indicate the rupee will open at around 82.06-82.10 to the U.S. dollar compared with 82.12 in the previous session.
U.S. core CPI , due later in the day, likely rose by 0.4% month-on-month in March, according to economists polled by Reuters. That would be down from the 0.5% increase in February, but well above the pace required for bringing annual inflation to Fed's 2% target. Headline inflation is expected to rise 0.2%.
A higher-than-expected inflation print will lay the foundation for another 25 basis-point hike with "the hawkish recalibration in rate expectations likely to support higher U.S. dollar," Yeap added.
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