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Reliance Securities Report
From an intraday perspective, the Indian rupee could open start weaker against the dollar as the greenback gained supported by safe haven appeal on the back of a downgrade of U.S. sovereign debt credit rating.
The rupee could open around in the range of 82.2900 to 82.3000 against the U.S. dollar compared with 82.2550 in the previous session and the range for the session is between 82.1500 to 82.4500.
The rupee could also be pressured by broad foreign outflows in the Indian economy.
Meanwhile, recent data from the U.S. strengthened the case for the Federal Reserve to remain hawkish in September and could push the dollar higher and keep the rupee under pressure.
Most Asian and emerging market peers have started this early Wednesday morning on a weaker note and will keep gains capped for the rupee.
We expect British pound sterling-INR, the euro-INR and the Japanese yen-INR spot pairs to move lower this early Wednesday morning trade.
The range for British pound sterling-INR is between 104.55 to 106.00, while that for euro-INR is between 89.95 to 91.00 and for Japanese yen-INR is between 57.15 to 58.05 this Wednesday.
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