Forex Market News

Rupee Is Expected To Appreciate

The Indian Rupee, in the last week, depreciated by 0.58 percent ; all thanks to strength in the US Dollar which hit its highest level in nearly 14 years post FOMC event. However, the USDINR did not weaken as sharply as expected owing to RBI intervention via state – owned banks .
Domestic markets i.e. Sensex and Nifty traded in red mostly in the last week as rate hike in the US prompted the foreign investors to park their funds in dollar denominated assets instead. For the month of December 2016, FII out flows in equities totaled at Rs. 1142.02 crores ($167.14 million) as on 17 th Dec’16. Year to date basis, net capital in flows in equities stood at Rs. 27600.45 crores ($4204.67 million) as on 17 th Dec’16.
The Indian rupee is expected to appreciate in today’s trading session as recent weakness in the currency will prompt the exporters, banks and traders to book profits. Moreover, the geopolitical tensions between China and US over a drone will keep the American currency weak in turn boosting the demand for the Indian Rupee.
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