The Indian rupee is expected to decline versus the dollar at open following an overnight jump in U.S. yields on bets of more rate hikes from the U.S. Federal Reserve.
The non-deliverable forwards indicate the rupee will open at around 82.85 to the U.S. dollar compared with 82.79 in the previous session.
The 10-year U.S. yield and the 2-year yield overnight rose to the highest since November. Futures are now pricing in a peak rate of 5.35%, which is more than 40 basis points higher than before the January U.S. jobs report released on Feb. 3.Business activity unexpectedly reboundedU.S rates continue to adjust higher with investors digesting the implications of firm economic data and the impact on the Fed's policy, DBS Group Research said in a note.
The jump in 10-year U.S. yields indicates the paring of bets that the Fed will cut rates this year and the drive higher in terminal rate estimates, it added.
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