The Indian rupee rose against the dollar on Monday as the greenback declined against its major peers, while forward premiums added to last week's surge.
The rupee last traded at 82.6950 per U.S. dollar, up from 82.87 in the previous session. The local currency had opened at 82.81.
"Rupee is expected remain in a range of 82.20 to 82.90 in the next four days," said Anil Bhansali, head treasury at Finrex Treasury Advisors. "Positioning is generally on the long dollar side." The dollar has struggled on bets that the U.S. Federal Reserve is close to halting is rate hike cycle. Fed futures are pricing in a terminal rate of below 5% by the middle of next year. Last week, the Fed raised rates by 50 basis points to 4.25%-4.50%.
The dollar index is down over 9% from year-to-date highs. The rupee has been an underperformer relative to its Asian peers in the dollar's pullback.
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