US dollar supported with 32 bps of tightening priced in by year-end
The US dollar has been supported since the last FOMC decision as the more hawkish than expected dot plot led to a quick repricing in interest rate expectations.
There is now 32 bps of tightening priced in by year-end, with a 29% chance of a hike in July and 62% probability of a move in September.
The Indian Rupee has been supported amid falling oil prices, but remains on a bearish structural trend against the US dollar.