Rupee And Bond Update - March 08, 2023: Reliance Securities

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Reliance Securities Report

The Indian rupee could likely start marginally weaker against the dollar this Wednesday morning after Federal Reserve Chair Jerome Powell opened the door for a 50- basis points hike at this month's meeting.

Additionally, most Asian and emerging market peers have started weaker this early Wednesday morning could weigh on the domestic unit.

So, the rupee could open at around 82.0500 to 82.1000 compared with 81.9100 in the previous session.

Supports for the U.S. dollar Indian rupee spot pair are at 81.7000 and 81.5500, resistances are at 82.2000 and 82.3500.

In the overseas markets, the U.S. dollar was stronger this Wednesday morning in Asian trade.

Fed Chair Powell testimony continues tonight as well, where he will reiterate yesterday’s comments and remain hawkish and will support the greenback.

The euro, the sterling and the yen started marginally weaker this Wednesday morning trade, ahead of important Eurozone GDP data today.

Indian bond yields are likely to trade higher in the early session on Wednesday tracking further uptick in the U.S. peer.

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