RBI measures may support rupee to gain strength: Sushil Fin

Sushil Finance's report on currency

The Indian Rupee appreciated by 1.24 percent in the yesterday’s trading session on the back of rise in risk appetite in the global markets. Further, RBI measures to attract more Inflows helped Indian Rupee to gain strength. However, concerns over country’ economic health, rise in worries over FII’s outflow along with the S & P rating warning to the country prevented further appreciation in the Indian Rupee.

Outlook: We expect Indian Rupee to trade on positive note on the back of weakness in DX. Further, RBI measures to attract more inflows may support currency to gain strength. whereas, concerns over country’ economic health, S & P rating warning to the country along with the high crude oil prices may prevent sharp strength in the currency or even reversal may be seen. Apart from that, Market participants will be cautious ahead of US Non-Farm Payrolls data.

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