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Last Updated : Dec 21, 2016 10:44 AM IST | Source: Moneycontrol.com

Rupee is expected to depreciate: Angel Broking

According to Angel Broking, The Indian rupee is expected to depreciate in today‘s trading session owing to surge in DX after the hawkish speech made by the US Fed Chair who commented on stronger labor market and wage growth.


Angel Broking's report on currency

INDIAN RUPEE (USDINR)

The Indian Rupee depreciated by 0.1 percent yesterday owing to  persistent buying of the American currency by importers and  banks amid higher US Dollar in the overseas market. The prospect  of three more rate hikes in the US prompted the traders to park  their funds in dollar denominated assets which affected India’s  foreign inflows in turn. Moreover, domestic markets i.e. Sensex and Nifty ended in red  tracking losses in Asian  market equities yesterday as markets  discounted the geopolitical worries following attacks in Europe. For the month of December 2016, FII outflows in equities totaled  at Rs. 887.16 crores ($129.54 million) as on 20 th Dec’16. Year to  date basis, net capital inflows in equities stood at Rs. 27855.31  crores ($4242.27 million) as on 20 th Dec’16.

OUTLOOK
The Indian rupee is expected to depreciate in today’s trading  session owing to surge in DX after the hawkish speech made by the US Fed Chair who commented on stronger labor market and wage growth. This will boost the demand for the US Dollar in turn  keeping the rupee pressurized. 

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First Published on Dec 21, 2016 10:44 am
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