<p>Mumbai: The Indian rupee is expected to open higher on Wednesday, shrugging off weakness in Asian peers and soft risk sentiment, with market participants noting that the near-term depreciating bias has moderated to an extent.</p><p>The 1-month non-deliverable forward indicated the rupee will open in the 88.04 to 88.08 range versus the US dollar, compared with 88.1550 in the previous session.</p><p>The rupee on Tuesday saw choppy price action, rising to an intraday high of 87.85 before slipping back past the 88 mark. Traders said the brief climb past 87.95, a key resistance level, signalled that near-term pressure on the currency had tempered.</p>.Karunesh Bajaj elected as new chairman of Audit Bureau of Circulation.<p>"We will still see whippy price action. However, the bias near term is more balanced now than what it was before," a trader at a private sector bank said.</p><p>The move to 87.85 on Tuesday was helped by one-off foreign bank flows and the "mildest of optimism" on US-India trade, the trader said.</p><p>That optimism stemmed from India’s commerce minister saying he expects a U.S.-India trade pact to be finalised by November despite recent setbacks, the trader pointed out.</p><p>The remarks coincided with US President Donald Trump’s comments that India had offered to cut its tariffs “to nothing.”</p>
<p>Mumbai: The Indian rupee is expected to open higher on Wednesday, shrugging off weakness in Asian peers and soft risk sentiment, with market participants noting that the near-term depreciating bias has moderated to an extent.</p><p>The 1-month non-deliverable forward indicated the rupee will open in the 88.04 to 88.08 range versus the US dollar, compared with 88.1550 in the previous session.</p><p>The rupee on Tuesday saw choppy price action, rising to an intraday high of 87.85 before slipping back past the 88 mark. Traders said the brief climb past 87.95, a key resistance level, signalled that near-term pressure on the currency had tempered.</p>.Karunesh Bajaj elected as new chairman of Audit Bureau of Circulation.<p>"We will still see whippy price action. However, the bias near term is more balanced now than what it was before," a trader at a private sector bank said.</p><p>The move to 87.85 on Tuesday was helped by one-off foreign bank flows and the "mildest of optimism" on US-India trade, the trader said.</p><p>That optimism stemmed from India’s commerce minister saying he expects a U.S.-India trade pact to be finalised by November despite recent setbacks, the trader pointed out.</p><p>The remarks coincided with US President Donald Trump’s comments that India had offered to cut its tariffs “to nothing.”</p>