According to Angel Broking Indian Rupee is expected to trade on a mixed note owing to upbeat market sentiments along with estimates of favorable manufacturing data from the country will act as a positive factor.
On a weekly basis, Indian Rupee traded on a negative note and depreciated around 0.5 percent. The currency depreciated on the back of the US Federal Reserve meeting on Wednesday winded up its QE tapering program and concerns about hike in interest rates earlier than expected which acted as a negative factor.
However, sharp downside in the currency was prevented due to continued inflow of foreign funds, domestic market sentiments touching an all time high along with selling of dollars by custodian banks. The currency touched a weekly low of 61.147 and closed at 61.39 on Friday.
For the month of October 2014, FII outflows in equities totaled at Rs.1171.51 crores ($190.68 million) as on 31st October 2014. Year to date basis, net capital inflows stood at Rs.82266.15 crores ($13690.52 million) as on 31st October 2014.
Outlook
From the intra-day perspective, we expect Indian Rupee to trade on a mixed note owing to upbeat market sentiments along with estimates of favorable manufacturing data from the country will act as a positive factor. However, dollar demand from importers along with strength in the DX will cap sharp gains or reversal in the Indian Rupee.
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