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Reliance Securities Report
From an intraday perspective, the Indian rupee could start flat to marginally weaker this Thursday continued to be weighed by the overnight gains in the dollar and as the benchmark bond yields could continue to gain further on fed rate hike expectations.
Most Asian peers started weaker against the dollar this Thursday morning and elevated crude oil prices could also weigh on sentiments.
So, the rupee could open around in the range of 83.1500 to 83.1700 against the dollar compared with 83.1325 in the previous session and the range for the session is between 83.0500 to 83.2700 this Thursday.
However, Reserve Bank of India could intervene and cap losses for the currency.
Among other pairs, we expect British pound sterling-Indian rupee, the euro-INR and the Japanese yen-INR spot pairs to remain range bound to weaker this Thursday's trade.
The range for euro-INR is between 88.85 to 89.55, while that for GBP-INR is between 103.45 to 104.95 and for Japanese yen-INR is between 56.05 to 56.65 this Thursday.
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