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Reliance Securities Report
The Indian rupee could start with gains this Wednesday morning tracking gains in the non deliverable forward markets.
However, jitters ahead of India's budget and Federal Open Market Committee could cap gains.
The rupee could open around at 81.8000 to 81.8200 per dollar this Wednesday morning versus a close 81.9200 on Tuesday.
Supports for the U.D. dollar Indian rupee spot pair are at 81.5000 and 81.2200, resistances are at 82.1500 and 82.3500 and the pair could remain within the levels this Tuesday.
However, investors could refrain themselves from taking large positions ahead of the budget.
The key trigger could be the fiscal deficit projections in the budget.
In the overseas markets, the U.S. dollar started flat this Wednesday morning in Asian ahead of the of Fed meeting outcome and the dollar index could remain within the $101.85 to $102.50 range today.
The euro, the sterling and the yen started flat to weaker this Wednesday morning ahead of Fed meeting and central bank meetings from European Central Bank and Bank of England.
Indian bond yields are expected to remain largely unchanged in early trading on Wednesday as market participants await the union budget announcement due later in the day.
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