The rating agency, however, said it believes that an improved monsoon as well as the regional distribution of rainfall will anchor positive market sentiment.
Retail and wholesale inflation data for the month of June will be released this week.
The agency noted that rupee will consolidate its gains and continue its momentum, trading at 66.75/USD-67.45/USD.
Ind-Ra also said debt market is slated to extend its range-bound movement, with the 10-year G-sec yield likely to stay at 7.33 per cent-7.42 per cent.