Rupee And Bond Update - March 09, 2023: Reliance Securities
The Rupee could open at around 82.0300 to 82.0500 compared with 82.0550 in the previous session.
BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Reliance Securities Report
The Indian rupee could likely start flat against the dollar this Thursday morning as traders await the U.S. jobs report for cues on the size of the next Federal Reserve rate hike.
So, the Rupee could open at around 82.0300 to 82.0500 compared with 82.0550 in the previous session.
Supports for the U.S. dollar-Indian rupee spot pair are at 81.9000 and 81.7900, resistances are at 82.2400 and 82.4300.
Most of the Asian peers have started weaker this Thursday morning and could cap gains.
Additionally, hawkish narrative from the Fed could also support the dollar and weigh on the local unit.
However, this could change if the jobs data remains sluggish.
In the overseas markets, the U.S. dollar was stronger this Thursday morning in Asian trade as focus shifts to jobs data, starting with jobless claims tonight and nonfarm payrolls on Friday.
Supports for the dollar Index are at $105.12 and $104.87, resistances are at $105.91 and $106.15.
The euro, the sterling and the yen started flat this early Thursday morning as investors awaited fresh triggers.
Indian bond yields are expected to trade largely unchanged in early session on Thursday, as traders continue to await fresh triggers.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.