According to Angel Broking Indian Rupee is expected to trade on a mixed note on the back of dollar demand from oil importers and its companies will exert downside pressure on the currency.
The Indian Rupee weakened for second consecutive session and depreciated around 0.2 percent in yesterday's trading session. The currency depreciated on the back of dollar demand from oil importers and its companies. Further, dollar demand from state owned banks which were for defence related purchases exerted downside pressure on the currency. Additionally, outflow of foreign funds from domestic shares for the first time in a month's time frame continued with downside movement in the currency. Strength in the DX also acted as a negative factor. The Indian Rupee touched an intra-day low of 58.87 and closed at 58.69-level on Wednesday. For the month of May 2014, FII inflows totaled at Rs.14553.40 crores ($2446.70 million) as on 21st May 2014. Year to date basis, net capital inflows stood at Rs.46351.40 crores ($7691.60 million) as on 21st May 2014.
Outlook: From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of dollar demand from oil importers and its companies will exert downside pressure on the currency. Additionally, dollar demand for defence related purchases coupled with outflow of foreign funds from domestic markets will act as negative factor. While on the other hand, upbeat market sentiments coupled with weakness in the DX will support an upside in the currency.
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