The Indian rupee, coming off its worst weekly performance in over a month, is expected to recover on Monday, helped by the decline in the dollar index and near-maturity Treasury yields after U.S. payrolls rose less than expected.
Non-deliverable forwards indicate the rupee will open at around 82.60-82.62 to the U.S. dollar, compared with 82.74 in the previous session.
However, data late on Friday showed that non-farm payrolls rose by 209,000 jobs last month, below the 225,000 expected by economists. Further, job additions for April and May were revised lower. "With the jobs data behind us, it's now about the inflation data. A move to 83 remains well in play." The jobs data, however, did not impact expectations that the U.S. Federal Reserve will, almost certainly raise rates by 25 basis points at its July 25-26 meeting.
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