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Reliance Securities Report
The Indian rupee could start this Monday morning on a stronger note tracking last week's fall of the greenback.
The rupee could open around 81.20 to 81.25 per dollar this Monday morning versus a close at 81.3175 and could trade in a broad trading band of 81.080 to 81.625 from an intraday perspective.
Asian and emerging market peers were stronger tracking gains in the Chinese yuan after China eased more Covid curbs and will aid sentiments.
However, caution could set in ahead of Reserve Bank of India monetary policy meeting this week.
According to a poll by Reuters, RBI MPC committee could raise interest rates by a smaller 35 basis points, to 6.25% as inflation still remains a concern. The last three times the RBI has raised rates by 50 bps.
The dollar was weak on Friday and remained under pressure this early Monday morning in Asian trade after China reopening news boosts risk appetite.
Indian bond yields are expected to open marginally higher on Monday tracking a recovery in the oil markets.
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