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Rupee And Bond Update - Jan 17, 2023: Reliance Securities

The rupee could open at around 81.7500 to 81.7700 per dollar this Tuesday morning versus a close 81.6125 on Monday.

<div class="paragraphs"><p>Indian five hundred rupee banknotes arranged for photograph. (Photo: Vijay Sartape/BQ Prime)</p></div>
Indian five hundred rupee banknotes arranged for photograph. (Photo: Vijay Sartape/BQ Prime)

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Reliance Securities Report

The Indian rupee could open weaker this Tuesday morning tracking the weakness of the Asian and emerging market peers.

The rupee could open at around 81.7500 to 81.7700 per dollar this Tuesday morning versus a close 81.6125 on Monday.

The trading band for the rupee this Monday is between 81.30 to 82.00.

Importer hedging and Reserve Bank of India building up forex reserves will also weigh on sentiments.

In the overseas markets, the U.S. dollar started marginally stronger this early Tuesday morning in Asian trade and could continue rebound this Tuesday.

Markets await fresh triggers.

The yen weakened against the greenback this Tuesday morning as investors remained cautious ahead of a potential policy shift at the Bank of Japan.

The BoJ Monetary Policy meeting is on Wednesday.

Indian bond yields are expected to open higher this Tuesday morning tracking a recovery in U.S. peers this early Tuesday morning.

Click on the attachment to read the full report:

Reliance Securities Currencies and Bonds Daily - January 17 2023.pdf

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