abstrak:MUMBAI, July 11 (Reuters) - The Indian rupee rose for a second straight session against the U.S. dol
MUMBAI, July 11 (Reuters) - The Indian rupee rose for a second straight session against the U.S. dollar on Tuesday, mirroring similar moves in Asian peers, as risk appetite in the region rose on fresh bets of the Federal Reserve nearing the end of its rate tightening cycle.
The rupee ended at 82.3650 against the dollar compared with 82.5650 in the previous session. The currency gained 0.25% on the day, adding to Mondays 0.2% rise.
Tuesdays gain is the local currencys best daily performance since June 16.
The rupee is likely to find some resistance near the 82.00-82.20 levels, said Jigar Trivedi, senior research analyst - currencies and commodities at Reliance Securities.
The Korean won led Asian currencies higher on Tuesday, climbing nearly 1%, while most other regional currencies were up at least 0.2% against the greenback. Asian shares also ended higher after U.S. equities halted a three-day losing streak on Monday.
The dollar index dropped to an over two-month low of 101.67 on Tuesday, ahead of the crucial U.S. inflation data due on Wednesday. U.S. consumer prices are seen climbing 3.1% year-on-year in June, compared with a 4.0% rise in May, according to a Reuters poll. (USCPNY=ECI)
This, analysts said, would provide more leeway for the Fed to end its monetary policy tightening soon.
The forex market has already discounted one 25-basis point (bps) hike at the Feds July meeting, said Trivedi. However, there is speculation that it may not go for another hike later this year, he added.
Fed officials on Monday indicated the end to the rate hike cycle was near, sending U.S. yields lower.
The 10-year yield dropped to 3.95% in intraday trades, extending Mondays four-bps fall. The two-year U.S. yield was down to 4.8260% from 5.12% hit last week.
The dollar-rupee far forward premiums rose, tracking a fall in U.S. yields, with the one-year implied yield ending 3 bps higher at 1.64%.
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