MUMBAI (Reuters) – The Indian rupee is likely to open little changed on Wednesday amid a recovery in the greenback even as U.S. Treasury yields declined after data showed that job openings in the world’s largest economy fell more than expected in October.
Non-deliverable forwards indicate the rupee will open at around 83.36-83.37, barely changed from its close at 83.3825 in the previous session.
The 10-year U.S. Treasury yield fell to a low of 4.16% overnight in New York after data showed that U.S. job openings fell to 8.73 million in October, the lowest in over two and a half years.
Weakness in the data also prompted investors to raise bets that the U.S. Federal Reserve may begin to cut rates as soon as March.
But the rupee has largely strayed from being driven by fundamentals, a foreign exchange…
