The Indian rupee is expected to recover on Monday on the back of a pullback in U.S. yields and the decline in the dollar after the U.S. economy added fewer jobs than was forecast.
Non-deliverable forwards indicate rupee will open at around 82.70 to the U.S. dollar, compared with 82.84 in the previous session.There will be relief for the rupee at the open "to an extent," with dollar broadly lower, a foreign exchange trader said.
The 10-year U.S. yields dropped 12 basis points on Friday after U.S July nonfarm payrolls increased slightly weaker than economists' expectations, and job additions for the previous two months were revised lower. However, Friday's report did have points which could sow doubts on whether the Fed will be on hold from now on. The unemployment rate dropped and wage growth surprised on the upside, suggesting that the U.S. labour market remained resilient.
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