MUMBAI, April 22 Reuters The Indian rupee is likely to open slightly higher on Monday, supported by a drop in oil prices on receding worries over the IranIsrael confrontation and by possible dollar inflows.

Nondeliverable forwards indicate the rupee will open at 83.4083.42 to the U.S. dollar, compared with the previous close of 83.47.

The rupee declined to an alltime low of 83.5750 on Friday, prompting the Reserve Bank of India to intervene in nondeliverable forwards and the onshore overthecounter market.

In a way, the RBI managed to kill off the appetite for dollarrupee longs, a FX trader said.

Now with oil having retraced fully and the likelihood of inflows, you will have a minor push lower on dollarrupee, the trader said, refereeing to inflows from a followon public offering FPO of Vodafone Idea. Monday is the last date of the FPO.

Brent crude, which jumped to 90.75 on Friday, cooled to near 86.50 after Israel and Iran played down the risks of a further rise in hostilities in the Middle East after Israel39;s apparently small strike on Iran.

Focus now returns to U.S. interest rates, which are likely to remain high for longer than previously expected on sticky inflation.

On Friday, Chicago Federal Reserve President Austan Goolsbee became the latest policymaker to signal a longer timeline for interest rate cuts because progress on inflation has stalled.

The U.S. core personal consumption expenditures price index, the Fed39;s preferred inflation measure, out on…