The Indian rupee is tipped to open little changed against the U.S. dollar on Monday, with traders assessing the outlook for the local currency after a difficult year.
The rupee is expected at around 82.70-82.75 per dollar at the open, compared to 82.72 in the previous session. It tumbled 11.2% last year.
These kinds of rangebound moves do not last too long and when the breakout happens, it can be quite sizeable, a trader at a Mumbai-based bank said. The dollar index was little changed, at around 103.5, to begin the week. While the index rose 8% in 2022, it ended well off its highs of above 114 on expectations of a less hawkish stance by the U.S. Federal Reserve stance.
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