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Reliance Securities Report
The Indian rupee could start flat to marginally strong this Wednesday morning tracking gains in the Asian and emerging market peers this Wednesday morning.
The currency could also gains tracking weaker crude oil prices.
Reserve Bank of India could also remain proactive and protect the currency from weakening further.
The central bank's intervention was in line with its action in recent trading sessions, which has led to the rupee repeatedly finding support near the 82.90 levels.
So, the rupee could open around 82.7500 to 82.7700 per dollar this Wednesday morning versus a close at 82.8800 on Tuesday and could remain within in a broad trading band of 82.5800 to 83.0000 from an intraday perspective.
However, gains could be capped amid a gloomy economic outlook and a stronger U.S. dollar.
The U.S. dollar was trading flat this early Wednesday morning in Asian trade ahead of key Federal Open Market Committee meeting minutes release tonight.
Apart from the minutes Institute for Supply Management manufacturing purchasing managers' index and Job Openings and Labor Turnover Survey job openings could also influence markets.
So, the dollar index could remain range ahead of the key events and remain within in a broad trading band of $103.70 to $105.10 from an intraday perspective.
Indian bond yields are expected to open lower on Wednesday, tracking a similar move in U.S. yields and oil prices.
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