The Indian Rupee de preciated by 0. 3 percent yesterday owing to month – end dollar demand from importers and banks amid persistent foreign capital outflows. Moreover, weakness in Asian market currencies governed the trend of the Indian Rupee as investors hunt for bargains in the last trading week of the year 2016.
Domestic markets i.e. Sensex and Nifty traded higher after the finance minister of India underlined the need to have globally compatible tax rates to broad – base the economy. For the month of December 2016, FII outflows in equities totaled at Rs. 5204.92 crores ($765.67 million) as on 26 th Dec’16. Year to date basis, net capital inflows in equities stood at Rs. 23537.55 crores ($3606.14 million) as on 26 th Dec’16.
The Indian rupee is expected to depreciate in today’s trading session tracking losses in Asian market equities as investors hunt for bargains in the last trading week of the year 2016. Moreover , month – end dollar demand from importers and banks will further act as a negative factor.
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