Rupee hopeful of recovery on back of uptick on Asia FX

The Indian rupee will be looking to recover on Monday, tracking the move higher in Asian peers on better-than-expected China data.

Non-deliverable forwards indicate the rupee will inch up to the U.S. dollar at open from 82.2475 in the previous session. The domestic currency on Friday had its worst session in just under two months.

Kunal Kurani, associate vice president at Mecklai Financial, expects the USD/INR in a range of 81.80-82.30 this week, with moves in the Chinese yuan and "high-impact" U.S. data considered to be the important variables. Data out on Friday supported investor expectations that the Fed rate hike cycle is over. The U.S. June quarter Employment Cost Index rose 1.0% quarter-on-quarter compared with 1.2% pace in the January-March period. The annual rate slowed to 4.5% from 4.8%.

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Reuters /  🏆 2. in US

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