The Indian rupee was expected to firm on Thursday, after U.S. inflation softened more than expected and raised hopes that the Federal Reserve was near the end of its hiking cycle.
The non-deliverable forwards indicate the rupee will open at around 81.92-81.96 to the U.S. dollar compared with 82.0775 in the previous session.0.1% last month, below economists' expectations of a 0.2% gain, and down from a 0.4% increase in February. On a year-on-year basis, the CPI rose 5.0%, its smallest such gain since May 2021.The dollar index fell 0.4% and U.S.
The expectations of a 25 basis point hike from the Fed at the May meeting were still near 71%, with a peak rate of about 5.0% and cuts beginning in the second-half of the year. "It is probably reasonable to factor in some recession worries and Fed cuts to an extent, but short of a rapid deterioration in data, it is difficult to see the Fed cutting 200bps by end-2024," wrote DBS analysts in a note.
Most Asian currencies rose, as the Thai baht and the South Korean won firmed. Equities in the region were broadly lower, tracking Wall Street's weak finish overnight, with Hong Kong shares
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