MUMBAI, June 13 Reuters The Indian rupee will be supported on Thursday by the lowerthanexpected U.S. inflation print, while projections that the Federal Reserve will cut rates only once this year are expected to weigh.

Nondeliverable forwards indicate the rupee will open at 83.5283.55 to the U.S. dollar, compared with its previous close at 83.5450.

The relief on the U.S. inflation is not leading to much for the rupee, which ordinarily means that the dollarrupee pair wants to push higher, a currency trader at a bank said.

And that push higher has to deal with the RBI.

The Reserve Bank of India on Wednesday intervened in the nondeliverable forward NDF and the local spot markets to keep local currency from dipping to an alltime low.

U.S. Treasury yields and the dollar index slumped after U.S. consumer prices was unchanged in May, following a 0.3 monthonmonth increase in April, and compared with a 0.1 increase forecast by economists polled by Reuters.

The drop in the yields and the dollar was partly unwound after the dot plot indicated that the Fed may cut rates just once this year, compared with three rate cuts policymakers had projected in March.

Further, the Fed39;s longrun estimate for policy rose from 2.5625 to 2.75.

The dot plot delivered a hawkish surprise with a median projection of one cut in 2024 instead of the two that the consensus had expected, Goldman Sachs said in a note.

The market probability of a September Fed rate cut climbed to more than 80…