Rupee And Bond Update - March 16, 2023: Reliance Securities

The rupee could open at around 82.6500 to 82.7000 compared with 82.5950 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 weaker against the dollar this Thursday as risk appetite worsens as banking turmoil sends investors to safety of the greenback.

The local unit could also track losses in the non deliverable forward markets which weakened to test a low of 82.92 on Tuesday evening.

So, the rupee could open at around 82.6500 to 82.7000 compared with 82.5950 in the previous session.

Supports for the U.S. dollar-Indian rupee spot pair are at 82.2500 and 82.4000, resistances are at 82.8000 and 83.000.

The Asian peers have started mixed this Thursday morning but the Chinese yuan started weak and will weigh on sentiments.

Additionally, sentiment was fragile and investors will remain nervous.

In the overseas markets, the U.S. dollar started flat to marginally weaker this Thursday morning in Asian trade and further trend could be data dependent today, with U.S. housing and jobless claims data.

The euro was flat ahead of European Central Bank monetary policy meeting tonight.

According to a Refinitiv poll, investors still expect the ECB to hike by 50 basis points to curb high inflation.

Indian bond yields are expected to start lower in the early session on Thursday tracking U.S. peers.

Click on the attachment to read the full report:

Reliance Securities Currencies and Bonds Daily - March 16 2023.pdf


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