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Reliance Securities Report
The Indian rupee could flat this Tuesday morning as investors could remain cautious ahead of the Reserve Bank of India's monetary policy decision on Wednesday.
However, with U.S. Treasury yields marching up and the upward momentum on the dollar index staying intact, the rupee's gains could be capped in this Tuesday's session.
So, the rupee could open around at 82.6800 to 82.7500 per dollar this Tuesday morning versus a close 82.7250 on Monday.
Supports for the U.S./Indian rupee spot pair are at 82.5000 and 82.3600, resistances are at 82.8500 and 82.9400 and the pair could remain within the levels this Tuesday.
The key trigger for the markets will be the RBI MPC meeting on Wednesday and Fed Powell speech tonight.
In the overseas markets, the U.S. dollar was slightly weaker this Tuesday morning in Asian trading ahead of Fed Chair Powell speech.
So, the dollar Index could remain range bound within $103.15 to $104.00.
The euro and the sterling started stronger this Tuesday morning in Asian trade ahead of data.
Industrial output from Germany and House Prices from U.K are the key data out today.
The yen started stronger against the dollar this Tuesday morning as risk-on mood attempts recovery amid easing US-China tensions.
The yen was also stronger after news reports suggested the Bank of Japan has confirmed an intervention to provide support to the Yen.
Indian bond yields could edge up in early trading on Tuesday, as U.S. yields rose further, while investors await fresh supply of debt from states.
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