Expect Indian Rupee to trade on mixed note: Sushil Finance

Sushil Finance's report on currency

The Indian Rupee appreciated by 0.19 percent in yesterday's trading session and closed at 62.31 on the back of upbeat domestic market sentiments. Further, India's GDP grew more than expected, supported currency to gain strength. Additionally, Strong HSBC Manufacturing PMI and RBI measures to attract inflows acted as positive factors for the Indian Rupee. However, statement from RBI that the state run oil companies were sourcing all their dollar needs in markets and worries over Fiscal deficit prevented sharp gain in the currency.

Outlook: We expect Indian Rupee to trade on mixed note. Narrowed current account deficit and strong HSBC manufacturing PMI may support currency to trade positive. Further, India's GDP grew more than expected and RBI measures to attract inflows may act as desirable factors for the currency. Whereas, RBI decision to shut the currency swap window, mixed global market sentiments along with strength in DX may keep Indian Rupee under pressure.

Technical Outlook
Currency - USDINR DEC
Strategy - Sideways
Support - 62.30/62.55
Resistance - 63.0/63.3

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Read More