The Indian Rupee depreciated marginally by 0.05 percent on Friday’s trading session on the back of strong dollar and as traders remained cautious ahead of macro economic data. Further, state run banks were seen buying dollar on behalf of oil importers. However, sharp downside was prevented on rise in risk appetite in the domestic markets and FII inflows into local shares.
Benchmark stock index 50 shares Nifty Index raised by 0.17 percent to 8793.55. FII’s net bought stocks worth Rs 504.51 crores on Friday as per provisional data from NSE. In Intraday Indian Rupee touched a low of 66.99 and closed at 66.8850 against Dollar.
Indian Rupee is expected to trade with negative bias in the early trading session on the back of strong dollar and weak macro economic data. India IIP contracted by 0.4 percent in December compared to expansion of 5.7 percent in November. Dollar is gaining strength after Trump said his administration will announce “something phenomenal in terms of tax.
However, in the later trading session rupee may gain its strength back on rise in risk appetite in the domestic markets and FII inflows into local shares in the wake of better earnings. Further, RBI kept its interest rates unchanged for consecutive two meetings. Traders will remain cautious ahead of CPI data. USDINR Feb expected to trade in a range between 66.70 on lower side to 67.30 on higher side with sideways trend.
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