The Indian Rupee traded on flat note in yesterday’s trading session after hitting a one week high level in earlier sessions. The currency appreciated in the early part of the trade on account of selling of dollars by large infrastructure companies. Further, weakness in the DX coupled with inflow of foreign funds into equities supported an upside in the currency.
However, in later part of the trade the currency erased it gains and depreciated on the back of huge dollar demand from oil importers and its companies. Additionally, weak domestic markets sentiments and concerns over the QE tapering by US Federal Reserve in its meeting during the week acted as a negative factor. The Indian Rupee touched an intra-day low of 60.735 and closed at 60.65 on Monday.
For the month of April 2014, FII inflows totaled at Rs.8699.5 crores ($1445.38 million) as on 28th April 2014. Year to date basis, net capital inflows stood at Rs.30895.20 crores ($5095.80 million) as on 28th April 2014.
From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of dollar demand from importers; concerns of QE tapering by the Federal Reserve along with mixed market sentiments will exert downside pressure in the currency. While on the other hand, inflow of foreign funds into equities along with selling of dollars by exporters and corporate companies will act as a positive factor.
www.punjiniveshonline.com
www.punjiniveshonline.com
However, in later part of the trade the currency erased it gains and depreciated on the back of huge dollar demand from oil importers and its companies. Additionally, weak domestic markets sentiments and concerns over the QE tapering by US Federal Reserve in its meeting during the week acted as a negative factor. The Indian Rupee touched an intra-day low of 60.735 and closed at 60.65 on Monday.
For the month of April 2014, FII inflows totaled at Rs.8699.5 crores ($1445.38 million) as on 28th April 2014. Year to date basis, net capital inflows stood at Rs.30895.20 crores ($5095.80 million) as on 28th April 2014.
From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of dollar demand from importers; concerns of QE tapering by the Federal Reserve along with mixed market sentiments will exert downside pressure in the currency. While on the other hand, inflow of foreign funds into equities along with selling of dollars by exporters and corporate companies will act as a positive factor.
www.punjiniveshonline.com
www.punjiniveshonline.com
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