Rupee may weaken despite broadly positive Asian cues

The Indian rupee is likely to decline slightly at open on Tuesday, in spite on an uptick on most Asian currencies after a U.S. inflation print reinforced expectations the Federal Reserve will cut rates several times next year. Non-deliverable forwards (NDFs) indicate the rupee will open at 83.18-83.20 to the U.S. dollar compared with 83.14 on Friday. Asian currencies were up 0.1% to 0.4% after data out Friday indicated that U.S. prices fell in November for the first time in more than 3-1/2 years, pushing the annual increase in inflation further below 3%.