The Indian rupee is expected to open higher against the US dollar, bucking the trend among other Asian currencies. Non-deliverable forwards have indicated that the rupee is likely to open at 82.06-82.08, up marginally from 82.12 in the previous session. Although the offshore Chinese yuan suffered losses, the Indian currency has not been affected and is poised to trade higher. Analysts speculate that the country’s weak post-pandemic recovery may be a contributing factor. Meanwhile, US Federal Reserve Chair Jerome Powell is set to speak to lawmakers and may deliver a hawkish semi-annual testimony to Congress.
Indian rupee set to rise at open, outperforming other Asian currencies
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