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Reliance Securities Report
From an intraday perspective, the Indian rupee could start flat this Wednesday morning as expectations of further interventions from the Reserve Bank of India could offset stronger dollar and elevated benchmark U.S. Treasury Yields.
Most Asian peers have started weaker this Wednesday morning and will sour sentiment.
The non-deliverable forward market is indicating that the rupee could open around 83.2000 to 83.2100 against the dollar compared with 83.2050 in the previous session and the range for the session is between 83.1000 to 83.3000 this Wednesday.
Among other pairs, we expect British pound sterling-Indian rupee, the euro-Indian rupee and the Japanese yen-Indian rupee spot pairs to remain range bound to lower this Wednesday's trade.
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