The Indian rupee is likely to open little changed to the U.S. currency on Tuesday, with traders assessing the outlook for U.S. yields and keeping a watch on importers' demand for the greenback.
The non-deliverable forwards indicate the rupee will open at around 81.98. That is the same as the close on Monday when the currency reached an intraday high of 81.78 before easing due to, what traders said was, demand from oil marketing companies.
The rupee's near-term direction, he said, will be dictated by the effect of U.S. inflation data, due on Wednesday, on Treasury yields and dollar portfolio flows. "Another 0.4% month-on-month figure on core CPI – more than double the rate required over time to take the U.S. back to the 2% year-on-year inflation rate target – could nudge expectations for the upcoming Fed meeting higher," ING Bank said in a note.The odds of a Fed rate hike have increased after the U.S. jobs data on Friday. Futures are now pricing in a near 70% chance of a 25 basis points hike.
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