From the intra-day perspective, Indian Rupee is expected to trade on a mixed note on the back of inflow of foreign funds into equities coupled with selling of dollars by exporters and corporate companies will act as a positive factor, says Angel Broking.
On a weekly basis, Indian Rupee hit a one month high and appreciated around 0.4 percent. The currency appreciated on account of to selling of dollars by corporate companies and exporters. Weakness in the DX in early part of the trade coupled with inflow of foreign funds into equities supported an upside in the currency. Further, upbeat domestic market sentiments continued with positive movement in the currency.
However, sharp upside in the currency was capped due to dollar demand from oil importers and its companies. Additionally, investors were cautious ahead of the general election results outcome due in the current week which restricted upside movement in the currency. The Indian Rupee touched a weekly high of 59.865 and closed at 59.96 on Friday.
For the month of April 2014, FII inflows totaled at Rs.2124.60 crores ($353.18 million) as on 9th May 2014. Year to date basis, net capital inflows stood at Rs.33922.60 crores ($5598.10 million) as on 9th May 2014.
Outlook: From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of inflow of foreign funds into equities coupled with selling of dollars by exporters and corporate companies will act as a positive factor. While on the other hand, dollar demand from oil importers and its companies, weak market sentiments along with strength in the DX will act as a negative factor. Expectations of decline in industrial production and rise in retail inflation data from the country will continue with downside movement in the currency.
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