The Indian rupee strengthened against the dollar on Monday, helped by expectations of inflows and a slight improvement in risk sentiment.
Risk sentiment is "somewhat better" and inflows from likely exporter-led dollar sales in the final week of the financial year could see the rupee find some support, but worries about the mood turning negative anytime persisted, said a private bank trader.
"For the week, we expect the rupee to be range-bound between 82.20-82.50. Importers can take advantage of this to hedge near-term exposures," said Ritesh Bhansali, vice-president at Mecklai Financial Services. The collapse of SVB and other mid-sized U.S.-lenders, besides Credit Suisse's takeover by UBS, over the past two weeks has roiled markets, with investors becoming extremely sensitive to new developments and rushing to safe-havens.Bond yields have also reacted to a sharp repricing of Fed terminal rate expectations lately.
The central bank mellowing its hawkish tone last week has seen futures price in a 71% possibility of the Fed holding rates at its May meeting and about 80 basis point worth of rate cuts in 2023. Investors will await the reading of the Fed's preferred inflation measure, the U.S. personal consumption expenditures price index data, due on Friday.
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