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Reliance Securities Report
From an intraday perspective, the Indian rupee could start weaker against the dollar amid weak risk appetite and weak non-deliverable forward markets.
The greenback and the U.S. Treasury Yields continued to gain supported by upbeat labour market data as markets shrugged of Fitch downgrade.
Meanwhile, after the domestic market close, the NDF weakened further and tested a low of 82.80 levels and could have an impact on the local unit thus Thursday.
The rupee could open around in the range of 82.6900 to 82.7100 against the U.S. dollar compared with 82.5825 in the previous session and the range for the session is between 82.4500 to 82.9100.
However, Reserve Bank of India's presence this Thursday could cap losses.
Asian and emerging market peers have started mixed this early Thursday morning but weak risk appetite in the region could continue to weaken the peers 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 higher this early Thursday morning trade.
The range for British pound sterling-INR is between 104.60 to 106.00, while that for euro-INR is between 90.15 to 90.95 and for Japanese yen-INR is between 57.15 to 58.30 this Thursday.
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