• USD/INR looks to remain positive amid broader strength in the greenback on hawkish Fed officials.
• The monetary policy from the RBI will keep the Indian rupee on the sidelines.
• Investors are eyeing the FOMC minutes, which are due on Wednesday.

The USD/INR pair is ascending gradually after hitting a low of 75.24 on Tuesday. The pair is expected to remain in the bullish trajectory as investors are likely to underpin the greenback against the Indian rupee amid the uncertainty over the release of Federal Open Market Committee (FOMC) minutes from the Federal Reserve (Fed) on Wednesday.

The minutes from the FOMC will dictate detailed insights regarding the stance of the Fed policymakers on the monetary policy announced in March. Meanwhile, the hawkish stances of the Fed officials have strengthened the greenback. Fed Governor Lael Brainard has mentioned ‘loud and clear' that the Fed is prepared to take strong action if the inflation parameters advocate. This has also brought a corrective wave in the risk-sensitive assets.  It is worth noting that the hawkish stance from the Fed members has fueled the US Treasury yields. The 10-year US Treasury yields have inked a fresh three-year high at 2.61%.

Meanwhile, the Indian rupee is performing lackluster ahead of the monetary policy from the Reserve Bank of India (RBI) on Friday. This will be the first monetary policy announcement by the RBI after Russia’s invasion of Ukraine. The RBI is likely to ignore the alarming inflation and will keep the benchmark rates unchanged considering a pause in the growth rates. However, a decent cut in the real GDP growth rate estimates and a higher inflation target seem to be certain.