Rupee And Bond Update - Dec 15, 2022: Reliance Securities


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Reliance Securities Report

The Indian rupee could start weaker this Thursday morning after the U.S. Federal Reserve signalled to more interest rates hikes next year.

The higher terminal rate projections and forecast for the rates to remain elevated for a longer period than previously forecasted has not been priced in and will weigh on sentiments.

So, the rupee could open around 82.5300 to 82.5500 per dollar this Wednesday morning versus a close at 82.4600 and could trade in a broad trading band of 82.30 to 82.70 from an intraday perspective.

Most Asian peers have started weaker this Thursday morning on a hawkish U.S. Fed and will cap gains in the local unit.

The dollar recovered from yesterday’s lows on this early Thursday morning in Asian trade.

The euro, the sterling and the yen remained under pressure this early Thursday morning.

Markets now could look to cues from European Central Bank and Bank of England monetary policy outcome tonight. The language from ECB and BoE will keenly dissected by the investors for future guidance.

On the data front, U.S. retail sales data and jobless claims could have an impact.

Indian bond yields are expected to open flat this Thursday but a small recovery in the U.S. peers will cap downside.

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