MUMBAI, Feb 6 (Reuters) - The Indian rupee is likely to remain on the weaker side of a psychological level on Tuesday after the dollar index rose more following upbeat U.S. services data, prompting investors to pull back their expectations on Federal Reserve rate cuts.

Non-deliverable forwards indicate the rupee will open flat-to-lower against the U.S. dollar from 83.0550 in the previous session.

There has been a follow-up to the dollar's U.S. jobs-triggered rally and USD/INR "should comfortably hold above 83", a FX trader at a bank said.

"Having said that, we do not see a move to 83.20 kind of levels," he said, adding that view on the rupee "remains broadly constructive".

The dollar index made a high of 104.60 in the New York session on Monday, its best level since Nov. 14. The 2-year U.S. bond yield hit nearly 4.50% and U.S. equities dropped.

The U.S. service sector expanded more than expected in January, boosting demand for the dollar. The data, which came on the back of robust U.S. jobs numbers, prompted investors to dial back bets on rate cuts.

A resilient economy and a possibly higher neutral rate of interest means the Fed can take time before deciding to reduce interest rate, Minneapolis Federal Reserve president Neel Kashkari wrote in an essay published Monday.

Not only are the odds of a March rate cut down to near 15%, the probability of a reduction at the May meeting have also eased.

"The next question is whether the Fed can cut in May – that’s now a toss up from the market’s perspective," ING Bank said in a note.

Asian currencies were mostly rangebound following Monday's selloff.

KEY INDICATORS: ** One-month non-deliverable rupee forward at 83.10/83.16; onshore one-month forward premium at 7 paisa ** Dollar index at 104.35 ** Brent crude futures flat at $78 per barrel ** Ten-year U.S. note yield at 4.14% ** As per NSDL data, foreign investors bought a net $27.6 mln worth of Indian shares on Feb. 2

** NSDL data shows foreign investors bought a net $350.1 mln worth of Indian bonds on Feb. 2

(Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala)