The Indian rupee weakened against the dollar on Monday, along with most other Asian emerging market currencies after recent U.S. data bolstered bets of another Federal Reserve rate hike.
Importer-led dollar demand pulled the currency down from its intraday high of 81.78, a private bank trader said.
Inflows over the next few days should be watched, as foreign investors turned net buyers of Indian equities this month and there is general optimism about the currency, the trader added.However, the 81.80-81.50 zone remains a strong resistance for the currency as the Reserve Bank of India has previously bought dollars near those levels, said Amit Pabari, managing director at CR Forex.
Investors now await U.S. March inflation figures and retail sales due on Wednesday and Friday, respectively, to gauge the Fed's policy path after strong labour data. The minutes of the U.S. central bank's March meeting, in which it hiked rates by 25 basis points but sounded dovish, will be released on Wednesday as well.
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