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The Indian rupee firmed to a more than three-week high on Monday as the greenback languished on bets the U.S. Federal Reserve would scale back its pace of rate hikes as the world's biggest economy stares at a possible recession.
The partially convertible rupee was trading around 79.15 per dollar in early morning trade, its strongest since July 7, compared to a close of 79.25 on Friday.
India's 10-year government bond yields were little changed at 7.2983% after dropping by 9 basis points last week to 7.3196%.
Markets now look towards the Reserve Bank of India's monetary policy decision on Friday where a 35-50 point basis point rate hike was expected.
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