Market News
Fed comments weigh on dollar, set stage for slight rupee upside - REUTERS
By Nimesh Vora
UMBAI, May 21 (Reuters) - The Indian rupee is set to open marginally higher on Wednesday, buoyed by a decline in the U.S. dollar after Federal Reserve officials adopted a cautious tone on the U.S. economic outlook.
The 1-month non-deliverable forward indicated an open in the 85.56–85.58 range, compared to 85.6350 in the previous session.
The rupee is likely to move marginally higher, if at all, on the back of the weakness in the dollar, a currency trader at a bank said, noting that recent upticks in the currency have consistently fizzled out amid incessant dollar demand.
