Rupee And Bond Update - Jan 09, 2023: Reliance Securities

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Reliance Securities Report

The Indian rupee could start strong this Monday morning tracking a big fall in the greenback after mixed jobs raised hopes that the Fed could slowdown aggressive rate hike stance,

The local unit could also track gains in the non-deliverable forward markets which tested a high of 82.06 this Monday morning. Currently the NDF is at 82.16.

So, the rupee could open gap up at around 82.20000 to 82.2500 per dollar this Monday morning versus a close 82.7200 on Friday. The trading band is 81.95 to 82.60.

Most of emerging market peers were stronger this Monday morning, while markets could track gains in the equity markets.

Key triggers this week will be inflation data on the domestic side.

In the overseas markets, the U.S. dollar was trading weak after the jobs report.

Key triggers this week will be Fed Chair Powell speech and inflation data.

The dollar index could remain range within a broad trading band of $103.20 to $105.00.

Indian bond yields are expected to open lower this Monday morning tracking a fall in the U.S. peers.

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