From the intra-day perspective, Indian Rupee will likely trade sideways today as weakness in the DX will be supportive. However, dollar demand from exporters will likely pick up in last few days of the financial year, thereby exerting pressure on the Indian Rupee, says Angel Broking.
Dollar/INR
The Indian Rupee appreciated by 1.1 percent last week increased selling of dollars by banks and exporters ahead of the US Fed monetary policy statement along with dollar's weakness against other major currencies overseas supported gains. Further, international crude oil prices fell and the trade deficit in February narrowed to a 17-month low acted as positive factors.
However, weakness in domestic equities along with cautious stance ahead of FOMC statement hurt the market sentiments, thereby exerting pressure on the currency. The currency touched a weekly high of 62.36 and closed at 62.40 on Friday.
For the month of March 2015, FII outflows in equities totaled at Rs.9931.14 crores ($1603.02 million) as on 20th March 2015. Year to date basis, net capital inflows stood at Rs.34325.64 crores ($5559.53 million) as on 20th March 2015.
Outlook
From the intra-day perspective, Indian Rupee will likely trade sideways today as weakness in the DX will be supportive. However, dollar demand from exporters will likely pick up in last few days of the financial year, thereby exerting pressure on the Indian Rupee.
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