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.
<div class="paragraphs"><p>Indian 500 rupee banknote and five rupee coins. (Photo:</p></div>
Indian 500 rupee banknote and five rupee coins. (Photo:

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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:

Reliance Securities Currencies and Bonds Daily - March 09 2023.pdf


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