The Indian rupee is seen likely to come under renewed pressure in opening trades on Wednesday tracking a firm dollar overseas. The dollar index futures are quoting higher by 0.13% at 105.44, off last week?s low below 105 mark amid hawkish comments from Fed officials. Minneapolis Fed President Neel Kashkari reportedly said on Tuesday that he can?t rule that the next move from the central bank will be a rate hike. He stated that inflation has been largely stalled for the first three months of the year at a rate, roughly 2.7% that policymakers regard as still too far above their target to declare the job finished. Meanwhile, muted start to local equities is also unlikely to support the domestic unit. Yesterday, rupee consolidated in a narrow range and settled higher by 1 paisa at 83.51 against the US dollar. However, negative trend in domestic equities and significant foreign fund outflows kept the Indian currency under pressure. The benchmark S&P BSE Sensex ended the session down 383.69 points, or 0.52 percent, at 73,511.85 - giving up earlier gains. The broader NSE index dropped 140.20 points, or 0.62 percent, to 22,302.50. Powered by Commodity Insights |