From the intra-day perspective, Indian Rupee is expected to trade on a mixed note on the back of central bank selling dollars coupled with estimates of favorable wholesale inflation data from the country will support an upside in the currency, says Angel Broking.
Dollar/INR
On a weekly basis, Indian Rupee traded on a negative note and depreciated around 1 percent. The currency depreciated on the back of dollar demand from the oil companies. Further, weak domestic market sentiments exerted downside pressure on the currency. Additionally, foreign institutional investors selling shares worth Rs.2.21 billion acted as a negative factor.
However, sharp downside in the currency was cushioned due to central bank selling dollars to prevent sharp fall in the Indian Rupee. The currency touched a weekly low of 62.525 and closed at 62.52 on Friday.
India's Consumer Price Index (CPI) fell to 4.38 percent in November as against a rise of 5.52 percent in October. Industrial Production declined by 4.2 percent in October from rise of 2.5 percent a month ago.
For the month of December 2014, FII inflows in equities totaled at Rs.8269.51 crores ($1335.43 million) as on 12th December 2014. Year to date basis, net capital inflows stood at Rs.104288.95 crores ($17260.02 million) as on 12th December 2014.
Outlook
From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of central bank selling dollars coupled with estimates of favorable wholesale inflation data from the country will support an upside in the currency. While on the other hand, decline in industrial production data from the country on Friday and weak market sentiments will cap sharp upside or reversal in the Indian Rupee.
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