The Indian rupee was poised to open higher against the U.S. dollar, tracking a broad pullback on the currency in the lead-up to key U.S. inflation data due later on Tuesday.
"The RBI's hawkish rhetoric was a surprise for the market last week, but its position has been validated. We see risks of another rate hike in April," Bajoria said.Asian currencies were mostly higher ahead of data that is expected to show that U.S. inflation had eased.
"Today will be totally dominated by the U.S. CPI release, where the scope for market surprises is high," ING Bank said in a note. Federal Reserve officials have continued to push their hawkish rhetoric but have to implicitly and explicitly acknowledge more evidence from data must be gathered before debating the size of further tightening, the bank said.** One-month non-deliverable rupee forward at 82.73; onshore one-month forward premium at 12 paise** USD/INR February forward premium at 4.5 paise** Ten-year U.S. note yield at 3.7%** As per NSDL data, foreign investors bought a net $209mln worth of Indian shares on Feb.
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