India Rupee Check - March 13, 2024: Reliance Securities

Reliance Securities Report

From an intraday perspective, the Indian rupee could open marginally weaker against the dollar this Wednesday morning after hot U.S. inflation dampened rate cuts hopes in June.

Back home data was mixed with inflation remaining steady, but Index of industrial production and manufacturing eased and could cap gains.

However, FPI flows into the domestic equity and bond markets could cap losses for the domestic unit.

The non-deliverable forward market is indicating that the rupee could open around 82.7800 to 82.8000 against the dollar compared with 82.7700 in the previous session and the range for the session remains between 82.6700 to 82.8500.

Meanwhile, most Asian peers have started weaker this early Wednesday morning and will cap gains.

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