The Indian rupee opened higher at 64 per dollar on Wednesday against previous close 64.03. Taking cues from positive domestic equity market, the rupee will appreciate for the day. We expect the spot USD-INR pair to trade in a range of 63.80-64.20 today. The dollar remained firm on expectations of a US tax overhaul while a sharp rise in German bond yields takes the euro higher.
After having risen recently, the 10-year benchmark bond yield appears to be consolidating in a range between 7.15-25 percent. We expect bond yields to trade in a range in the near term.
Corporate bonds are under pressure amid quarter-end position adjustments. We expect credit spreads to remain wide until FPI buying emerges in early 2018.
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