Rupee And Bond Update - Jan 19, 2023: Reliance Securities
The rupee could open at around 81.3800 to 81.4000 per dollar this Thursday morning versus a close 81.2400 on Wednesday.
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Reliance Securities Report
The Indian rupee could open weaker this Thursday morning trade tracking non-deliverable forward markets and risk off sentiments amid mounting global growth concerns.
The NDF settled at 81.3800 on Wednesday.
So, the rupee could open at around 81.3800 to 81.4000 per dollar this Thursday morning versus a close 81.2400 on Wednesday.
The trading band for the rupee this Thursday is between 81.20 to 81.70.
Most Asian and emerging market peers have started weaker this Thursday morning and could dampen sentiments.
The price action could depend on dollar movements and data out of U.S tonight.
In the overseas markets, the U.S. dollar started marginally flat to marginally stronger this Thursday morning in Asian trade supported by hawkish comments from key Fed members on future rate hikes and as growth concerns about the U.S. economy drove demand for the safe-haven greenback.
U.S. jobless claims, building permits and housing data are key data events.
Investors will await cues from Fed Vice Chair Brainard speech tonight.
The yen rebounded from Wednesday’s low amid speculation that the Bank of Japan would eventually shift away from its yield curve control policy.
Indian bond yields are expected to trade lower in the early session on Thursday, tracking a similar move in U.S. yields after weak economic data from the U.S.
The benchmark 10-year yield could move in a range of 7.295% to 7.330%.
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