According to Angel Broking, Indian Rupee are expected to trade on a negative note on the back of strength in the DX following Yellen's announcement. Additionally, concerns over the global economic growth coupled with yearend position adjustments will act as a negative factor.
Dollar/INR
The Indian Rupee retreated from 13-month lows and ended 0.2 percent higher after the central bank stepped up intervention which was larger than in recent sessions.
Also, buying of shares by state-run Life Insurance Corporation of India helped shares recover from earlier falls to trade flat turned out to be supportive for the currency. The currency touched an intra-day low of 63.88 and closed at 63.52 on Tuesday.
For the month of December 2014, FII inflows in equities totaled at Rs.5859.22 crores ($952.6 million) as on 17th December 2014. Year to date basis, net capital inflows stood at Rs.101878.66 crores ($16877.19 million) as on 17th December 2014.
Outlook
From the intra-day perspective, we expect Indian Rupee to trade on a negative note on the back of strength in the DX following Yellen's announcement.
Additionally, concerns over the global economic growth coupled with yearend position adjustments will act as a negative factor.
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