The Indian rupee is set to open higher as the dollar slides following a surge in US jobless claims, making it more likely that the Federal Reserve will hold off on raising rates next week. Non-deliverable forwards suggest the rupee will open at around 82.44-82.46 to the US dollar, compared with 82.5625 in the previous session. The rupee hardly moved on Thursday following the Reserve Bank of India‘s policy decision. A lack of speculative interest is expected in a currency pair with low volatility and direction. The odds of a Fed rate hike are now at 1 in 4 for the June 13-14 meeting.
Rupee gains due to weak dollar and supportive data for Fed’s rate pause
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