The Indian Rupee is expected to trade on a mixed note on the back of inflow of foreign funds in equities and debt markets will support an upside in the currency, says Angel Broking.
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 inflow of foreign funds in equities and debt markets. Foreign funds bought around $13.95 billion in equities and $20 billion in debt in 2014.
Further, IMF revising the India's growth projection to 5.6 percent in 2014 from earlier estimates of 5.4 percent supported an upside in the currency. However, sharp upside in the currency was capped due to dollar demand from oil and other importers coupled with weak domestic market sentiments. The currency touched an intra-day high of 61.30 and closed at 61.35 on Wednesday.
For the month of September 2014, FII inflows in equities totaled at Rs.388.38 crores ($62.8 million) as on 8th October 2014. Year to date basis, net capital inflows stood at Rs.83826.04 crores ($13944 million) as on 8th October 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 in equities and debt markets will support an upside in the currency. Further, upbeat market sentiments coupled with weakness in the DX will act as a positive factor. While on the other hand, dollar demand from oil and other importers might cap sharp upside or reversal in the Indian Rupee.
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