According to Angel Broking, Indian Rupee is likely to depreciate today owing to strength in the DX following robust jobs data from the US that reiterated hopes of earlier rate hike. Also, uncertainty in Greece will act as a negative factor.
Dollar/INR
The Indian Rupee appreciated by 0.2 percent on Wednesday on optimism the nation's improving economic outlook after a string of positive data will attract more inflows. Also, exchange data showed global funds, that bought a record $42 billion of local stocks and debt in 2014, have added another $7.1 billion to their holdings this year.
However, strength in the DX coupled with increased demand for the dollar from importers put pressure on the rupee. The currency touched an intra-day high of 61.99 and closed at 62.05 on Wednesday.
For the month of February 2015, FII inflows in equities totaled at Rs.2892 crores as on 18th February 2015. Year to date basis, net capital inflows stood at Rs.15811 crores as on 18th February 2015.
Outlook
From the intra-day perspective, Indian Rupee is likely to depreciate today owing to strength in the DX following robust jobs data from the US that reiterated hopes of earlier rate hike. Also, uncertainty in Greece will act as a negative factor.
However, optimism in Asian equities will restrict sharp fall.
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