According to Angel Broking, Indian Rupee is expected to trade on a mixed note today on the back of weakness in the DX along with upbeat global market sentiments will support an upside in the currency.
The Indian Rupee traded on a flat note and appreciated marginally around 0.1 percent in yesterday's trading session. The currency appreciated on the back of selling of dollar by foreign banks.
Further, upbeat domestic market sentiments supported an upside in the currency. Additionally, inflow of foreign funds in equities and debt market continued with positive movement in the currency.
However, dollar demand from state run banks for oil and defense related payments capped sharp gains in the currency. Escalating tensions between Russia and the West kept a check on the currency. The Indian Rupee touched an intra-day high of 60.16 and closed at 60.24 on Monday.
Outlook
From the intra-day perspective, we expect Indian Rupee to trade on a mixed note today on the back of weakness in the DX along with upbeat global market sentiments will support an upside in the currency. Inflow of foreign funds in equities and debt markets will act as a positive factor. While on the other hand, dollar demand from state run banks on behalf of oil importers and defense purposes will exert downside pressure in the Indian Rupee.
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