India Rupee Check - March 15, 2024: Reliance Securities

Reliance Securities Report

From an intraday perspective, the Indian rupee could open with a gap down trade against the dollar this Friday morning after hotter than expected inflation data dashed hopes of a rate cut in the first half of the year from the Federal Reserve.

The non-deliverable forward market is indicating that the rupee could open around 82.9000 to 82.9200 against the dollar compared with 82.8175 in the previous session and the range for the session remains between 82.7500 to 83.0000.

Asian peers have started weaker this early Friday morning, while the rally of the U.S. Treasury Yields overnight could weaken risk appetite and weigh on the local unit.

Data wise, RBI’s FX reserves and trade data are scheduled today after market hours and could have a small impact on the local unit.

Amongst other domestic pairs, the euro-Indian rupee, the British pound-Indian rupee and the Japanese yen-Indian rupee could start in the red this Friday morning trade.

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