Rupee And Bond Update - Jan 20, 2023: Reliance Securities
The Indian rupee could open marginally stronger this Friday morning trade tracking gains in the non-deliverable forward markets.
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Reliance Securities Report
The Indian rupee could open marginally stronger this Friday morning trade tracking gains in the non-deliverable forward markets. The NDF settled at 81.1650 on Thursday.
However, stronger crude oil prices, risk off sentiments amid mounting global growth concerns and weak start for the Asian and emerging market peers this Friday could keep gains in check.
So, the rupee could open at around 81.2500 to 81.2600 per dollar this Friday morning versus a close 81.3600 on Thursday.
Supports for the U.S. dollar Indian rupee spot pair are at 81.23 and 81.11, while resistances are at 81.45 and 81.54 and pair could remain with the levels this Friday.
However, the currency could eke small gains for the week supported by dollar inflows and weaker dollar index.
Weekly expiry and FX reserves are the only domestic triggers.
In the overseas markets, the U.S. dollar started flat this Friday morning in Asian trade and further upside could be capped as fears of an economic slowdown dented risk sentiment.
The yen weakened this early Friday morning trade despite as speculation continue to swirl that the Bank of Japan will eventually move away from its ultra-easy policy.
The euro and the pound sterling started marginally higher tracking a subdued dollar.
Retail sales from U.K and existing home sales numbers will the key triggers for the international and domestic markets.
Indian bond yields are expected to trade flat this Friday ahead of central government's debt supply.
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