The Indian rupee is expected largely unchanged to the U.S. dollar on Wednesday following range-bound Asian peers and more hawkish comments from Federal Reserve officials.
Non-deliverable forwards indicate the rupee will open at around 82.02-82.08 to the U.S. dollar, compared with 82.04 in the previous session.
Asian currencies and the dollar index were mostly flat, while near-maturity U.S. yields inched up. Investors digested comments from Fed officials that reinforced expectations that the central bank will hike rates at its next meeting.ahead of it in its effort to lower inflation, Atlanta Fed President Raphael Bostic said on Tuesday.on the back of recent data showing inflation remaining persistent."Elevated U.S.
Based only on the price action in the last two days, the downside on the pair "certainly looks capped", but long positions on the rupee are unlikely "to cave in" until 82.20-82.30 is taken out, a spot trader said. The higher U.S. yields did not benefit the dollar in Tuesday's session. The dollar index overnight fell back below 102.
Risk is holding up well so far to the prospect of another Fed hike. U.S. equities were little changed.** One-month non-deliverable rupee forward at 82.18; onshore one-month forward premium at 12 paise** USD/INR April forward premium at 2.5 paise** Ten-year U.S. note yield at 3.5850%** As per NSDL data, foreign investors bought a net $51.5mln worth of Indian shares on Apr.
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