Indian Rupee is expected to trade on mixed note. Rise in fears over oil supply disruption from Iraq due to geopolitical tensions and strength in DX may add downside pressure on the currency. Further, worries over higher Inflation may prove negative for the Indian Rupee, says Sushil Finance.
The Indian Rupee appreciated by 0.20 percent in yesterday's trading session and closed at 60.028 on the back of upbeat domestic market sentiments. Further, optimistic statement from RBI governor and intervention from central bank helped Rupee to gain strength. However, rise in worries over oil supply disruption from Iraq due to geopolitical tensions capped further strength in Rupee. In Addition Whole Sale price Index (WPI) accelerated to 5 month high of 6.01 percent. Investors remained cautious ahead of US FOMC Statement.
Outlook
Indian Rupee may trade on mixed note. Rise in fears over oil supply disruption from Iraq due to geopolitical tensions and strength in DX may add downside pressure on the currency. Further, worries over higher Inflation may prove negative for the Indian Rupee. However, upbeat global market sentiments and optimistic statement from RBI governor stating Indian economy is prepared to deal with any shocks from outdoor may support Rupee to gain strength. Investors will remain cautious ahead of US FOMC statement.
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