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Reliance Securities Report
From an intraday perspective, the Indian rupee could open stronger on Thursday tracking a broad sell-off in the dollar after the U.S. Fed opens door to pause in tightening cycle.
Asian peers have started this Thursday morning on a stronger note, while a sell-off in the crude oil prices could aid sentiments.
So, the rupee could open around at 81.6500 to 81.6600 compared with 81.8175 in the previous session.
Supports for the U.S. dollar-Indian rupee spot pair are at 81.5000 and 81.4500, resistances are at 81.9000 and 82.0000.
Domestic investors will await cues from the European Central Bank meeting and jobless claims, but the key trigger for the markets could the nonfarm payrolls numbers on Friday.
The impact of the jobs data will be felt on Monday, as currency markets are shut on Friday on account of a local holiday.
In the overseas markets, the U.S. dollar Index started marginally weaker this early Thursday morning in Asian trading as the Fed maybe nearing its rate hike cycle.
So, the dollar could continue to struggle, but from an intraday perspective, traders will look to data and ECB meeting outcome for cues.
Jobless claims is the only key data out today.
Supports for the dollar Index are at 100.95 and 100.60, resistances are at 101.80 and 102.30.
The euro extended gains from Wednesday's session and was trading marginally stronger against the greenback ahead of the crucial ECB meeting.
A hawkish ECB will push the euro higher against the greenback and vice versa.
Range for the euro ahead of the meet will be $1.1010 to $1.1100, the range could change after the meeting.
From an intraday perspective, Indian bond yields are expected to start lower this Thursday morning tracking U.S. peers lower.
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