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Currency: The Indian rupee is expected to open with little change

26/09/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Undeliverable futures mention that the Indian rupee is expected to open with little change, despite a rise in the 10-year U.S. Treasury yield and a stronger dollar.

The Indian rupee has shown greater resilience than most of its Asian peers, thanks in large part to RBI interventions to support the currency. Undeliverable futures indicate that the rupee will open at around 83.12-13 for the US dollar compared to 83,1450 in the previous session. A private bank trader although the currency may open flat, it is likely to remain under pressure due to demand for dollars at the end of the month. For him, if the Reserve Bank of India does not provide dollars, they could see a weaker rupee.

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