The Indian rupee made slim gains against the U.S. dollar on Wednesday, as the greenback slipped ahead of a crucial U.S. inflation report that could influence the Federal Reserve's next policy move.
The rupee was trading at 82.0750 per dollar by 10:44 a.m. IST compared with 82.1250 in the previous session.
That would be down from the 0.5% increase in February, but well above the pace required for bringing annual inflation to Fed's 2% target. Headline inflation is expected to rise 0.2%., investors have increased their bets of a 25 bps points hike by the Fed at the May meeting to 70%. "A soft inflation reading has been priced in by the markets, but in case of slightly contrary data, there could be a major reaction".
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