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Reliance Securities Report
The Indian rupee could likely start with a gap up trade this Wednesday morning tracking a slump in the dollar index after weak data from U.S. could boost bets of slower interest rate hikes from the Fed.
Most Asian peers have started stronger against the greenback this Wednesday morning, while non deliverable forward markets have also started stronger and will aid sentiments.
So, the rupee could open at around 82.0800 to 82.1200 compared with 82.3325 in the previous session.
Supports for the U.S. dollar-Indian rupee spot pair are at 81.9500 and 81.8500, resistances are at 82.4000 and 82.5000.
Gains could be limited as investors look to the outcome of the Reserve Bank of India's Monetary Policy Committee meeting and their stance for future rates.
According to a Reuters poll, RBI is likely to raise the interest rate by 25 basis points.
In the overseas markets, the U.S. dollar Index remained under pressure this Wednesday morning in Asian trading on weak data.
From an intraday perspective, ADP Employment Change and ISM non manufacturing PMI will be key triggers.
The euro, the yen and the sterling were flat to stronger against the dollar this early Wednesday morning trade.
Indian bond yields are expected to start lower this Wednesday morning tracking a fall in U.S. peers.
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