Forex Market News

Rupee Is Expected To Appreciate

The Indian Rupee appreciated by 0 .37 percent yesterday owing to sustained selling of the American currency by exporters and banks. Moreover, markets discount the statement made by India’s Finance Minister who underlined the need to have globally compatible tax rates to broad – base the economy. This boosted the market confidence and dragged the Indian Rupee higher.
Domestic markets i.e. Sensex and Nifty ended on a lower note as investors book profits ahead of the monthly futures and options (F&O) contract expiry amid a mixed trend overseas. traded higher after the finance minister of India 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 appreciate in today’s trading session as recent weakness in the currency will prompt the traders to book profits. Markets discount the statement made by India’s Finance Minister who underlined the need to have globally compatible tax rates to broad – base the economy.
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