India Rupee Check - April 02, 2024: Reliance Securities

Reliance Securities Report

• From an intraday perspective, the Indian rupee could open flat to marginally stronger against the dollar this Tuesday morning amid Reserve Bank of India’s presence.

• However, gains could be capped tracking the strength of the dollar and elevated bond yields.

• The non-deliverable forward market is indicating that the rupee could open around 83.3500 to 83.3700 against the dollar compared with 83.4000 in the previous session and the range for the session remains between 83.2650 to 83.4750.

• Most Asian peers have started weaker this early Tuesday morning trade and have been weaker over the past couple of sessions and will weigh on sentiments.

• Additionally, with Indian markets were shut for four days, so some dollar demand could be expected after its reopening today and will keep the bias from an intraday perspective on the weaker side.

• Amongst other domestic pairs, the euro-Indian rupee, the British pound-Indian rupee and the Japanese yen-Indian rupee could start lower on Tuesday’s trade.

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