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Last Updated : Dec 19, 2016 10:20 AM IST | Source: Moneycontrol.com

Rupee is expected to appreciate: Angel Broking

According to Angel Broking, Indian rupee is expected to appreciate in today‘s trading session as recent weakness in the currency will prompt the exporters, banks and traders to book profits.

Angel Broking's report on currency

INDIAN RUPEE (USDINR)
The Indian Rupee, in the last week, depreciated by 0.58 percent ; all thanks to strength in the US Dollar which hit its highest level in nearly 14 years post FOMC event. However, the USDINR did not weaken as sharply as expected owing to RBI intervention  via  state - owned banks . Domestic markets i.e. Sensex and Nifty traded in red mostly in the last week as rate hike in the US prompted the foreign investors to  park their funds in dollar denominated assets instead. For the month of  December 2016, FII out flows in equities totaled  at Rs. 1142.02 crores ($167.14 million) as on  17 th Dec’16.  Year to  date basis, net capital  in flows  in equities  stood at Rs. 27600.45  crores ($4204.67 million) as on  17 th Dec’16.

OUTLOOK
The Indian rupee is expected to appreciate in today’s trading session as recent weakness in the currency will prompt the exporters, banks and traders to book profits. Moreover, the geopolitical tensions between China and US over a drone will  keep the American currency weak in turn boosting the demand  for the Indian Rupee. 

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First Published on Dec 19, 2016 10:20 am
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