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Rupee begins week on positive note, U.S. inflation data next trigger

FILE PHOTO: A customer hands Indian currency notes to an attendant at a fuel station in Mumbai

By Nimesh Vora

MUMBAI (Reuters) - The Indian rupee rose against the U.S. currency on Monday, on the back of an upbeat risk tone in Asia and the dollar's struggles.

The rupee was trading at 82.14 by 0454 GMT, compared with 82.44 in the previous session. The local unit has traded in an about 82.11 to 82.25 range.

Asian shares were higher, while currencies, except for the Chinese yuan, rose.

The U.S. jobs report supported demand for Asian assets in that the unemployment rate ticked higher. But negative for Asian currencies was the headline job additions which trumped estimates and the higher-than-expected increase in wages.

The job number had little impact on U.S. yields and on the probabilities of a 50 or 75 basis points rate hike by the U.S. Federal Reserve next month. The dollar, however, tumbled against its major peers, while Wall Street rallied.

"In aggregate, it (the report) suggests the labour market remains fairly robust and it keeps alive the possibility of a fifth 75bp hike," ING Bank said in a note.

"Remember though that we do have another jobs report and two more CPI (consumer price index) reports before the Dec. 14 Fed decision."

The October inflation report is due this Thursday.

Rupee forward premiums were marginally higher with the 1-year implied yield inching up to 2.26%. Indian equities were slightly higher, but well off the day's highs. Oil prices slipped on concerns over demand from China.

Traders reckon it will be quiet day for rupee from here, expecting the currency to broadly be within the range it has dealt so far.

(Reporting by Nimesh Vora; Editing by Dhanya Ann Thoppil)