The Indian rupee was expected to weaken at the open on Monday as the U.S. dollar and Treasury yields ticked higher as U.S. data late last week affirmed the need for higher interest rates.
The currency was quite volatile last week, swiftly going from trading near 81.30 per dollar to 82.50 – despite several positive factors – due to likely equity position adjustments.
Softer oil prices are good for the rupee, but caution is expected ahead of the Federal Reserve policy outcome on Wednesday and other global central bank meetings this week, a foreign exchange trader said.Asian stocks and currencies weakened across the board. The South Korean won led losses with a 0.9% drop.
The dollar index was back above the 105-level, while the benchmark Treasury yields were at 3.5820%, having jumped 9 basis points on Friday.
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