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MUMBAI: The Indian rupee was trading higher against the US currency on Tuesday, helped by the slight downtick on the dollar index.

The rupee was at 81.7550 per US dollar by 0450 GMT, compared with 81.84 in the previous session. The dollar index declined 0.2% to 107.56, pushing most Asian currencies higher.

With no major triggers, the dollar’s down drift was supporting the rupee, a trader at a private sector bank said.

The 81.60 level, where the 50-day moving average resides, will ensure a quiet day for the rupee, the trader said.

Trade volumes were fairly muted, according to traders. In the first hour after the open, about $1.1 billion were traded on the interbank price matching system, according to data from Refinitiv.

Indian rupee drops as COVID woes keep Chinese yuan pinned

The US core PCE (personal consumption expenditures) data next week and the minutes of the US Federal Reserve meeting, due this Wednesday, are considered important data points for the rupee through the remainder of this month.

The outlook for the rupee for the remainder of the year hinges on how the Fed expectations play out. Currently, futures have moved to price in a near 3-in-4 chance of a Fed rate hike in December.

However, there is one more US consumer inflation print due before the December meeting, which could have a major impact on the pricing of the Fed’s next move.

Asian shares were mostly in a narrow range and Indian equities were a shade higher. Rupee forward premiums dipped with the 1-year implied yield at 2.15%.

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