The 1-month non-deliverable forward indicated that the rupee will open at 85.60-85.64 to the U.S. dollar compared with 85.47 on Friday. India money markets were shut on Monday and Tuesday.

MUMBAI (Reuters) - The Indian rupee's recent rally and a sizeable decline in hedging costs are expected to catalyze the participation of companies in the Reserve Bank of India's $10 billion FX ...