From the intra-day perspective, Indian Rupee is expected to trade on a mixed note on the back of dollar demand from importers coupled with weak global market sentiments will exert downside pressure on the currency.
The Indian Rupee traded on a flat note and declined by 0.1 percent in yesterday's trading session. The currency depreciated on the back of dollar demand from importers. Additionally, speculation of Reserve Bank of India (RBI) intervening the markets and buying dollars to increase its forex reserves exerted downside pressure on the currency.
However, sharp downside in the currency was prevented due to optimistic domestic market sentiments along with inflow of foreign funds into the equities. Also, weakness in the DX and estimates of favorable trade balance, industrial production and retail inflation data of the country in coming days restricted downside movement in the Indian Rupee. The currency touched an intra-day low of 60.29 and closed at 60.07 on Thursday.
For the month of April 2014, FII inflows totaled at Rs.6941.90 crores (USD1156.64 million) as on 10th April 2014. Year to date basis, net capital inflows stood at Rs.29137.70 crores (USD4807 million) as on 10th April 2014.
Outlook
From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of dollar demand from importers coupled with weak global market sentiments will exert downside pressure on the currency. While on the other hand, inflow of foreign funds in equity markets, weakness in the DX along with forecast for positive economic data today will support an upside in the currency.
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