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INDIA RUPEE Rupee to strengthen after Fed hints rate hikes nearing end

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The Indian rupee was expected to rise against the U.S. dollar on Thursday, after the U.S. Federal Reserve hiked rates by 25 basis points and signalled it was closer to the end of its tightening cycle amid turmoil in the financial markets.

The non-deliverable forwards indicate the rupee will open at around 82.45-82.50 to the dollar compared to 82.6550 on Tuesday.

Traders may be anticipating a dollar liquidity crunch in the domestic markets, and hence the rupee is expected to fall towards 82.65-levels, he added. Fed funds futures traders imply a nearly even chance of just one more 25 bps rate hike at the May meeting.

 

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