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Reliance Securities Report
From an intraday perspective, the Indian rupee could open stronger against the dollar this Monday morning after labour market data last week kept an anticipated June interest rate cut from the Federal Reserve on the table.
The non-deliverable forward market is indicating that the rupee could open around 82.6800 to 82.7000 against the dollar compared with 82.7850 in the previous session and the range for the session remains between 82.6200 to 82.9400.
The U.S. Treasury Yields also tumbled on Friday and will improve risk appetite in the market.
Asian peers have started gained last week and have started with gains this early Monday morning and could aid the local unit.
Additionally, large inflows into the domestic equity and debt could also support the rupee.
However, Reserve Bank of India’s intervention could cap gains.
Amongst other domestic currency pairs, euro-Indian rupee and Japanese-yen-Indian rupee could start higher, while then British pound-Indian rupee could start lower on Monday’s trade.
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