The Indian rupee was little changed to the U.S. currency on Tuesday, tracking a muted dollar, as markets awaited a host of data from the world's top economy to find direction this week.
There were hardly any dollar offers in the market, but as European investors return from holiday later in the day, an uptick in the rupee is possible, a trader said.
The currency has moved in the 82.40-83.00 range for the past three weeks. Market participants expect it to find a firmer direction in the latter half of January. Dealers told Reuters that COVID recovery in China was taking shape, with market participants gradually going back to the trading floors. Even if the size of the hikes is being reduced by some developed economy central banks, the commentary from the U.S. Federal Reserve has stayed quite hawkish, Kapoor added.
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