Forex Market News

Rupee Is Expected To Depreciate

The Indian Rupee depreciated marginally by 0.0 1 percent yesterday owing to the persistent buying of the American currency by importers and banks amid higher US Dollar in the overseas market. The prospect of three more rate hikes in the US prompted the traders to park their funds in dollar denominated assets which affected India’s foreign inflows in turn.
Moreover, domestic markets i.e. Sensex and Nifty ended in red tracking losses in Asian market equities yesterday as investors indulged in profit booking owing to persisting worries about the impact from the ban on higher value banknotes on the economy and corporate profits.
For the month of December 2016, FII outflows in equities totaled at Rs. 3170.74 crores ($466.14million) as on 22 nd Dec’16. Year to date basis, net capital inflows in equities stood at Rs. 25571.73 crores ($3905.67 million) as on 22 nd Dec’16.
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