The Indian rupee is expected to decline against the dollar at open on Wednesday after the U.S. inflation reading underscored bets of more Federal Reserve rate hikes.
The non-deliverable forwards indicate that the rupee will open at around 82.85-82.90 to the dollar, compared with 82.7550 in the previous session.
The broad consensus suggests that the Reserve Bank of India will be there to protect the 82.90-83.00 level, turning the first half an hour after open critical, a trader at a Mumbai-based bank said. If public sector banks are not on the offer on USD/INR at open, there could be a quick move higher, the trader added.
U.S. headline consumer inflation index rose 0.5% month-on-month in January and core inflation by 0.4%. While the month-on-month change in the headline and core inflation was in line with expectations, the annual rate was above estimates. "The CPI release is a hiccup to the disinflationary theme that is playing out," DBS Research said in a note.
"While the month-on-month measures were in line with consensus, higher weight should be placed on the year-on-year figure ."
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