Rupee And Bond Update - Jan 18, 2023: Reliance Securities

Reliance Securities Report

The Indian rupee could open stronger this Wednesday morning tracking the gains in the non-deliverable forward markets.

The NDF gained on Tuesday evening and tested a high of 81.4530.

So, the rupee could open at around 81.5000 to 81.5400 per dollar this Wednesday morning versus a close 81.7600 on Tuesday.

The trading band for the rupee this Monday is between 81.35 to 81.85.

However, most Asian and emerging market peers have started weaker this Wednesday morning and could keep gains limited.

Investors will remain cautious ahead of U.S. Producer Price Index data in the evening.

In the overseas markets, the U.S. dollar started marginally flat to marginally stronger this Wednesday morning in Asian trade ahead of key data this Wednesday evening.

PPI, retail sales, beige and red book data out tonight.

The yen weakened against the greenback this Wednesday morning as investors remained cautious ahead of a potential policy shift at the Bank of Japan.

The euro and the sterling also remained flat ahead of key inflation numbers tonight.

Indian bond yields are expected to open flat this Wednesday morning tracking a small fall in U.S. peers this early Wednesday morning,

The benchmark 10-year could open at around 7.330% to 7.335% and could move in the range of 7.325% to 7.345%.

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