Rupee Rangebound Ahead of RBI Decision and US Inflation Data

The rupee has traded in a narrow range between 81.50-83.00 against the dollar since February due to RBI intervention.
Traders are looking to the RBI policy meeting and US CPI data for direction, though major moves are not expected.
RBI is expected to keep rates steady but reduce liquidity, while US inflation is seen accelerating on an annual basis.
Muted risk appetite and concerns over China's economy have also kept the rupee subdued.
Lower trading volumes and speculative interest in the rupee indicate uncertainty about near-term direction.