Gold Silver Reports (GSR) – Rupee Seen Opening Lower Around 68.14/$ — The Indian rupee could come under pressure as global investors turn risk averse amid continued worries about an escalating exchange of trade and investment restrictions, triggered by the Trump administration. Asian stocks extended a decline which could see portfolio outflows from Indian markets and which in turn could weigh on the rupee, traders said.
The local currency ended weaker at 68.1250 per dollar on Monday and implied forwards suggest it could start trading marginally weaker at 68.14 per dollar.
Meanwhile, government bonds are seen trading in a range with hopes of additional bond purchases by the Indian central bank keeping yields under check………
The 10-year bond yield rose one basis points to 7.82 percent on Monday with any pullback likely to be shallow in the 7.75 percent-8 percent range….., as the impact of the positive catalysts like RBI minutes and OMO fade….., according to a DBS note.
India is to sell four bonds for Rs 12,000 crore on June 29 while seven states will sell bonds worth Rs 9,800 crore later in the day. – Neal Bhai Reports (NBR) INDIA
