According to Angel Broking, Rupee is likely to trade sideways today as investors will be cautious ahead of RBI's bi-monthly policy meeting and will be looking for further cues on monetary policy although the recent unseasonal rains and tensions in Yemen might be seen as risk factors for not cutting rates immediately.
Dollar/INR
The Indian Rupee depreciated by 0.2 percent yesterday owing to weakness in the dollar against other currencies on disappointing jobs data. U.S. employers added the fewest jobs in more than a year in March amid signs the economy has been hurt by the dollar's climb to multiyear highs. Also, gains in Asian markets supported the Rupee.
However, sharp gains were capped due to cautious stance ahead of RBI policy meeting. The currency touched an intraday low of 62.23 and closed at 62.20 on Monday.
India's HSBC India Services PMI for the month of March decreased to 53.0 as compared to 53.9 in February.
For the month of April 2015, FII outflows in equities totaled at Rs.1146.43 crores ($183.16 million) as on 6th April 2015. Year to date basis, net capital inflows stood at Rs.37619.05 crores ($6087.42 million) as on 6th April 2015.
Outlook
From the intra-day perspective, Rupee is likely to trade sideways today as investors will be cautious ahead of RBI's bi-monthly policy meeting and will be looking for further cues on monetary policy although the recent unseasonal rains and tensions in Yemen might be seen as risk factors for not cutting rates immediately. However, optimism in Asian markets along with weakness in dollar overseas will be supportive.
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