The Indian Rupee depreciated around 0.7 percent in yesterday's trading session. The currency depreciated on the back of domestic markets coupled with strength in the DX in early part of the trade. Further, heavy dollar demand from importers also exerted downside pressure on the currency.
However, sharp downside in the currency was cushioned expectations that Reserve Bank of India (RBI) will ease its norms for External Commercial Borrowing (ECB). Additionally, selling of dollars from central banks along with expectations that RBI will come up w some measures prevented sharp fall in the currency. The Rupee touched an intra-day low of 61.461 and closed at 61.20 on Wednes For the month of August 2013, FII inflows totaled at Rs. (USD 230.44 million) as on 7th August 2013. Year to date basis, net capital inflows stood at Rs.67498.40 crores (USD 12,716.20 million) till 2013.
Outlook: From the intra-day perspective, we expect Indian Rupee to trade with mixed note as strength in the DX will lead to depreciation dollar demand from importers and oil firms will exert downside pressure on the currency. However, sharp downside in the currency will be cushioned or reversal can be seen as a result of recovery in global market sentiments coupled with expectations of measures to be taken by RBI.
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