Rupee And Bond Update - March 10, 2023: Reliance Securities

The rupee could open at around 82.0300 to 82.0500 compared with 81.9750 in the previous session.
<div class="paragraphs"><p>Close view of dollar arranged for photograph. (Photo: Dmitry Demidko /Unsplash)</p></div>
Close view of dollar arranged for photograph. (Photo: Dmitry Demidko /Unsplash)

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Reliance Securities Report

The Indian rupee could likely start flat to weaker against the dollar this Friday morning tracking weak non deliverable forward markets and possible intervention from Reserve Bank of India.

However, traders await the U.S. jobs report for cues and could keep the rupee in a small trading band.

So, the rupee could open at around 82.0300 to 82.0500 compared with 81.9750 in the previous session.

Supports for the U.S. dollar-Indian rupee spot pair are at 81.8300 and 81.6800, resistances are at 82.1500 and 82.3100.

Most of the Asian peers have started weaker this Friday morning and will weigh on sentiments.

Investors will also await Index of industrial production and manufacturing activity numbers after markets, along with RBI forex reserves data.

In the overseas markets, the U.S. dollar was marginally weaker this Friday morning in Asian trade ahead of non-farm payrolls.

The euro and the sterling started flat this early Friday morning as investors awaited fresh triggers.

The yen was trading marginally weaker this early Friday morning as the last policy from the outgoing Bank of Japan Governor Haruhiko Kuroda could remain ultra dovish.

The BoJ kept rates steady at negative 0.10% as investors await statement from the BoJ.

Indian bond yields are expected to ease in the early session on Friday, after U.S. yields dropped post the initial jobless claims data.

Click on the attachment to read the full report:

Reliance Securities Currencies and Bonds Daily - March 10 2023.pdf


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