Non-deliverable forwards indicate the rupee will open barely changed from the previous session's level of 82.74 per U.S. dollar.
Expectations that the Reserve Bank of India will not allow the rupee to weaken past 83 alongside investment and portfolio inflows have ensured that the rupee remains largely rangebound in the wake of the upbeat dollar. The dollar index overnight climbed to 104.30, the highest since mid-March. The odds of a Fed rate hike at the June meeting climbed to over 40% and the two-year U.S. yield soared on more signs that the U.S. economy is holding up well.
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