MUMBAI, April 8 Reuters The Indian rupee will likely hold an upward bias on Monday despite a report indicating a robust U.S. labour market that spurred a surge in U.S. Treasury yields.

Nondeliverable forwards indicate rupee will open slightly highertoflat to the U.S. dollar compared with 83.2950 in the previous session.

The local currency managed a turnaround on Friday, after having slipped to a record low of 83.4550 a day before that. The expectations that the central bank will not allow a big slide in the rupee alongside an abatement in dollar demand related to currency futures helped the rupee recover, traders said.

What happened on Friday will obviously have an impact on how we open today, an fx trader at a bank said, adding that they did not see the rupee dropping much.

Yes, US yields are higher.. however, it39;s not like Asian currencies have fallen much and then equities are mostly alright.

The 2year U.S. yield climbed on Friday and rose more in Asia hours after data showed the world39;s largest economy created more jobs than expected last month, prompting investors to dial back odds of a rate cut at the Federal Reserve39;s June meeting.

The probability of a June rate cut is now down to less than 50, with investors pricing in just 60 basis points of rate cuts this year, less than the 75 bps the Fed39;s dot plot indicates.

Interest rate cut expectations have unsurprisingly receded following the jobs data, James Knightley, chief international economist at…