Money Market Heads Up: Rupee Seen Trading In Range Of ₹68-68.50 — The RBI said it will buyback Rs 10,000 crore of debt via open market operations on Thursday – the first such OMO operation after May 17. This may help turn the bearish sentiment and see yields declining.
Traders are expecting yield to stay in a range of 7.80-7.85 percent in the session. Market participants will watch out for the RBI’s last policy meeting minutes that’ll be released after market hours today.
In the currency market, implied opening from the forwards suggest the pair may start trading at 68.05. The rupee fell 0.6 percent to 68.3850 a dollar in the last session. Traders are expecting some consolidation of the recent gains in the greenback. A range of 68-68.50 a dollar is expected in the day. – Neal Bhai Reports (NBR)
