The Indian rupee is expected to open higher on Thursday, tracking a decline in the dollar against Asian currencies after the U.S. Federal Reserve signalled a pause in its rate-hike cycle.
Non-deliverable forwards indicate the rupee will open at around 81.66-81.70 to the U.S. dollar compared with 81.8175 in the previous session.from its previous statement that additional hikes would be needed.
"The language shift is important and signals that the bar to justify future rate rises is now higher," ING Bank said in a note. Goldman Sachs said the Fed May outcome was supportive of their call for a pause at the next meeting in June. In addition to the change in guidance, it pointed to Fed Chair Jerome Powell's remarks during his press conference that the alteration in guidance was a “meaningful change”.
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