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Reliance Securities Report
The Indian rupee could start this Wednesday morning on a stronger note ahead of Reserve Bank of India’s Monetary Policy Committee meeting outcome.
The rupee could open around 81.4000 to 81.4500 per dollar this Wednesday morning versus a close at 82.6150 and could trade in a broad trading band of 82.16 to 82.85 from an intraday perspective.
Asian peers were stronger this morning, while an overnight fall in crude oil prices could also aid sentiments.
From an intraday perspective, RBI’s MPC meeting outcome will be a key triggers, however in the short run investors will look to the next week's U.S. Federal Reserve policy meeting for clues on the pace of rate hikes.
The dollar was flat on this early Wednesday morning in Asian trade.
Most of the non-dollar currencies were flat this early Wednesday morning in Asian trade.
Indian bond yields are expected to open marginally lower on Wednesday, tracking an overnight fall in U.S. yields and weak crude oil prices.
However, market awaits domestic monetary policy decision due later and yields could remain range bound ahead of the outcome.
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