The Indian rupee is expected to open higher against the dollar on Monday, extending a rally from the previous week, as market participants bet that the U.S. Federal Reserve will downshift to smaller-sized rate hikes.
The rupee is tipped to open at around 80.65-80.70 per dollar, up from the previous session's close of 80.7950. The local currency jumped 2% last week in its best gain in almost four years.
The rupee has already corrected more than 3% from record lows and "then you have to consider oil prices", the trader said. Traders reckon that it's now highly likely that the U.S. central bank will raise rates by 50 basis points next month. In the last four meetings, the Fed had raised rated by 75 bps each time.
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