India Rupee Check - March 27, 2024: Reliance Securities

Reliance Securities Report

• From an intraday perspective, the Indian rupee could open marginally weaker against the dollar this Wednesday morning tracking the strength of the dollar.

• The non deliverable forward market is indicating that the rupee could open around 83.3000 to 83.3200 against the dollar compared with 83.2800 in the previous session and the range for the session remains between 83.2000 to 83.4000.

• Most Asian peers have started weaker this early Wednesday morning trade and will weigh on sentiments.

• However, India's central bank will continue to curb sharp swings in the rupee and keep the currency from weakening further.

• Meanwhile some help could come in the form of upbeat data on Tuesday.

• India's current account deficit narrowed to $10.5 billion or 1.2% of gross domestic product in the third quarter of FY2024, down from $16.8 billion or 2% of GDP in the corresponding period of the previous year.

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