The Indian Rupee appreciated around 0.1 percent for second consecutive day on Wednesday. The currency appreciated on account of selling of dollars by large infrastructure companies and exporters. Further, weakness in the DX coupled with inflow of foreign funds into equities supported an upside in the currency.
However, dollar demand from oil importers and its companies capped sharp gains in the currency. Additionally, weak domestic markets sentiments and concerns over the QE tapering by US Federal Reserve in its meeting on Wednesday restricted positive movement in the currency. The Indian Rupee touched an intra-day high of 60.22 and closed at 60.34 on Wednesday.
For the month of April 2014, FII inflows totaled at Rs.9602.40 crores ($1594.56 million) as on 30th April 2014. Year to date basis, net capital inflows stood at Rs.31798.0 crores ($5244.90 million) as on 30th 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; forecast for fall in manufacturing data along with strength in the DX will exert downside pressure in the currency. While on the other hand, inflow of foreign funds into equities coupled with selling of dollars by exporters and corporate companies will act as a positive factor for the currency.
www.punjiniveshonline.com
www.punjiniveshonline.com
However, dollar demand from oil importers and its companies capped sharp gains in the currency. Additionally, weak domestic markets sentiments and concerns over the QE tapering by US Federal Reserve in its meeting on Wednesday restricted positive movement in the currency. The Indian Rupee touched an intra-day high of 60.22 and closed at 60.34 on Wednesday.
For the month of April 2014, FII inflows totaled at Rs.9602.40 crores ($1594.56 million) as on 30th April 2014. Year to date basis, net capital inflows stood at Rs.31798.0 crores ($5244.90 million) as on 30th 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; forecast for fall in manufacturing data along with strength in the DX will exert downside pressure in the currency. While on the other hand, inflow of foreign funds into equities coupled with selling of dollars by exporters and corporate companies will act as a positive factor for the currency.
www.punjiniveshonline.com
www.punjiniveshonline.com
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