India Rupee Check - March 22, 2024: Reliance Securities

Reliance Securities Report

From an intraday perspective, the Indian rupee could open weaker against the dollar this Friday morning as the Greenback surged higher overnight supported by upbeat data.

The non-deliverable forward market is indicating that the rupee could open around 83.1800 to 83.2000 against the dollar compared with 83.1475 in the previous session and the range for the session remains between 83.0800 to 83.2300.

Additionally, dollar demand and dent related outflows continue to weigh on the rupee.

Most Asian peers have started stronger this early Friday morning trade and will cap losses for the local currency.

Key trigger will be the speech from Fed Chair Powell tonight.

The forex reserves are scheduled for release after market hours today.

Domestic currency market will be shut on Monday on account of Holi.

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