The Indian rupee may open largely unchanged or slightly higher to the U.S. dollar on Monday, amid positive momentum from last week and data that boosted chances that the U.S. Federal Reserve may hike rates at its next meeting.
Non-deliverable forwards indicate rupee will open at around 81.84-81.88 to the dollar, compared with 81.8850 in previous session.
"U.S. jobs has helped arrest the dollar's slide, but then there will be few buyers at least at open, based on rupee's near-term trend," a trader at a private sector bank said. "The labor market remains tight and combined with our expectation for a 0.39% month-on-month increase in core CPI , we continue to expect the Fed to deliver 25bp at the May meeting," Morgan Stanley said in a note.
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