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The US jobless claims have resulted in a weakening of the dollar, indicating that the Federal Reserve may not raise interest rates next week. The Indian rupee is set to open higher against the dollar, as suggested by non-deliverable forwards. Although stable, the currency pair is expected to have little speculative interest, with the odds of a rate hike at a mere 1 in 4 for the upcoming meeting.
The Indian rupee may rise on Friday as the US dollar falls, with hope that the Federal Reserve won't act hawkishly. Non-deliverable forwards suggest the rupee will open at around 81.93-81.96 to the dollar, after a widening trade deficit caused a four-day winning streak to snap. The rupee has gained around 0.35% for the week so far and a trader with foreign bank believes it should see appreciation on Friday, possibly helped by the offshore Chinese yuan's move.