The rupee and Government Securities (GSec) markets perked up in the wake of the US Fed effecting a quarter percentage point hike in a key interest rate amid a banking crisis, even as indications emerged that it may pause.

The rupee opened about 28 paise stronger at 82.3850 per dollar against its previous close of 82.66 on expectations that the dollar will weaken due to the US Fed turning less aggressive on rate hikes.

The Indian unit is currently trading at 82.2550 per dollar.

“As we approach the month and financial year-end, we could see the ball moving from one court to the other, that is oil and other importers will keep on buying on dips, whereas IT and other corporates will call their dollar revenue back to India (selling USD) and, thus, we could see inflows towards the end.

“Overall, till the end of March, we could see the USDINR pair finding support near 81.80-82.00, and resistance near 82.60-82.80 levels,” said Amit Pabari, Managing Director, CR Forex Advisors.

Tracking the thaw in US treasury yields, the yield of the widely traded 7.26 per cent 2032 GSec softened about 2 basis points, with its price rising about 12 paise.

Currently, the security is trading at a yield and price of 7.3323 per cent and Rs 99.5050, respectively.

The equity markets, however, opened weaker, tracking the movement in US stock markets. Benchmark indices BSE Sensex and NSE Nifty are currently down 0.01 per cent and 0.06 per cent, respectively.

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