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Reliance Securities Report
From an intraday perspective, the Indian rupee could open stronger on Wednesday tracking a broad sell-off in the dollar.
Most Asian peers have started this Wednesday on a stronger note and could aid sentiments.
However, a sell-off in the equity markets could cap gains in the currency ahead of the Fed meeting outcome.
So, the rupee opened at 81.7000 to 81.7200 compared with 81.8800 in the previous session.
Supports for the U.S. dollar-Indian rupee spot pair are at 81.6200 and 81.5800, resistances are at 81.8500 and 81.9700.
In the overseas markets, the U.S. dollar Index started flat to marginally weaker this early Wednesday morning in Asian trading as investors await the Fed's meeting tonight.
The FOMC kicked off its two-day meeting, where it is mostly expected to raise rates by 25-bps.
However, markets are pricing in about 15% odds of a rate cut in June, and not requiring of another hike this year.
So, the outlook from the Fed Chair will be a key trigger for the markets.
Supports for the dollar Index are at 101.75 and 101.55, resistances are at 102.30 and 102.60.
The euro, the sterling and the yen started marginally stronger this early Wednesday morning.
From an intraday perspective, Indian bond yields are expected to start lower this Wednesday morning tracking U.S. peers lower ahead of Fed meeting outcome tonight.
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