central bank's March meeting, in which it hiked rates by 25 basis points (bps) but sounded dovish, will be released on Wednesday as well. March inflation figures and retail sales due on Wednesday and Friday, respectively, to gauge the Fed's policy path after strong labour data. Most Asian currencies weakened, with the Chinese yuan and the Thai baht down between 0.1% and 0.4%.

India's overnight indexed swap rates were pricing in interest rate cuts before the end of 2023. USD/INR forward premiums continued their decline since the RBI held the policy rate steady last Thursday, with the 1-year implied yield down a further 7 bps to 2.41%. yields responded, with 2-year near 3.93%. jobs data on Friday indicated a resilient labour market, raising bets of a 25 basis point (bps) hike at the Fed's May meeting to 70%. The dollar index hovered near 102-levels after U.S. There is no limit to the amount that can be deposited in bank accounts. However, the 81.80-81.50 zone remains a strong resistance for the currency as the Reserve Bank of India (RBI) has previously bought dollars near those levels, said Amit Pabari, managing director at CR Forex. At the moment you can exchange up to 4,500 (£48) of the old rupees in cash for new 500 (£6) and 2,000 (£24) rupee notes. The rupee, till last week, had risen for three straight weeks. Inflows over the next few days should be watched, as foreign investors turned net buyers of Indian equities this month and there is general optimism about the currency, the trader added. Importer-led dollar demand pulled the currency down from its intraday high of 81.78, a private bank trader said.

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