Indian Rupee: Seen supported by positive global cues

The Indian rupee is expected to pare some of its previous day loses, supported by positive global cues following better-than-expected JOLTs Job Openings report from the US. Besides, steady dollar overseas and retreating international oil prices are also likely to aid gains in the counter. Yesterday, rupee declined 21 paise to settle at 85.60 against the US dollar. Asian markets were mostly higher this morning tracking higher close on Wall Street. Indian shares are also seen opening on a positive note Wednesday as new data portrayed a healthy U.S. labor market despite increased risks from trade policy. Meanwhile, investors are also awaiting cues from the Reserve Bank's monetary policy announcements. RBI's Monetary Policy Committee (MPC) will begin deliberations on its bi-monthly policy on Wednesday and the outcome is scheduled to be announced on June 6.

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