India Rupee Check - March 12, 2024: Reliance Securities

Reliance Securities Report

From an intraday perspective, the Indian rupee could open marginally stronger against the dollar this Tuesday morning prompted by heavy inflows and a weakening U.S. dollar.

Foreign interest in Indian government bonds is on the rise, as investors eagerly await the review for potential inclusion of local bonds in the FTSE Russell’s EM bond gauge.

Additionally, strong economic performance and a hawkish Reserve Bank of India could also support the rupee's gain.

The non-deliverable forward market is indicating that the rupee could open around 82.7200 to 82.7300 against the dollar compared with 82.7575 in the previous session and the range for the session remains between 82.6500 to 82.8000.

However, most Asian peers have started weaker this early Tuesday morning ahead of U.S. inflation data. Additionally, domestic traders also await domestic inflation and IIP data aftermarket hours.

Additionally, RBI could also be present and could cap gains. So, the rupee could remain range bound this Tuesday’s session.

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