The Indian Rupee depreciated around 0.7 percent in yesterday's trading session. The Rupee depreciated on the back of dollar demand from importers. Further, weak domestic market sentiments along with strength in the DX exerted downside pressure on the currency. In the later part of the trade, expectations of favorable industrial production and manufacturing output data from the country also could not provide respite to depreciation in the Indian Rupee. The currency touched an intra-day low of 63.84 and closed at 63.71 on Tuesday.
India's industrial production grew by 2 percent in September as against a rise of 0.6 percent in August. Manufacturing output increased by 0.6 percent in September from decline of 0.1 percent a month ago. Consumer Price Index (CPI) jumped to 10.1 percent in September with respect to 9.8 percent in prior month. For the month of November 2013, FII inflows totaled at Rs 3625.50 crores (USD 585.34 million) as on 12th November 2013. Year to date basis, net capital inflows stood at Rs.92559.20 crores (USD 16784.30 million) till 12th November 2013.
Outlook: From the intra-day perspective, we expect Indian Rupee to trade on a negative note on the back of less than expected rise in industrial production and manufacturing output data in yesterday's trade. Further, sharp rise in retail inflation of the country, weak market sentiments along with stronger DX will exert downside pressure on the currency. Additionally, dollar demand from importers coupled with forecast for rise in wholesale inflation data from the country during the week will act as a negative factor.
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