The Indian rupee will look to rise further versus the U.S. currency on Thursday, helped by dollar inflows, while contending with mixed Asian currencies.
The non-deliverable forwards indicate the rupee will open at around 81.70-81.75 to the dollar compared with 81.76 in the previous session.
"Sizeable offers and the Reserve Bank of India not being there is making us hopeful of a breakdown ," a spot trader said. To maintain its momentum, the rupee will have to contend with tepid risk appetite and mixed Asian peers. Asian shares struggled for direction following overnight losses on the S&P 500 Index. The offshore Chinese yuan was little changed at 6.94 to the dollar, while the Korean won weakened.
The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. The bill is unlikely to pass the Senate.
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