The Indian rupee is expected to open higher against the dollar on Thursday after the U.S. Federal Reserve Chair Jerome Powell's comments were viewed as dovish.
The rupee is tipped at around 81.20 per U.S. dollar in early trades, compared with 81.4225 in the previous session.
The Fed Chair did acknowledge, like other policymakers, that the central bank had a long way to go to achieve price stability.Powell, apart from recognising that the magnitude of rate hikes may slow, "threw in a couple of what can only be described" as dovish comments, ING Bank said in a note. Following Powell's comments, the peak terminal expectations nudged lower and the probability that the Fed would opt for a 50-basis points rate hike this month reached 90% .
The rupee, like other Asian currencies, will have a good session but will "definitely" not see the same kind of moves as its peers, a Mumbai-based bank said.
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