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Last Updated : Dec 27, 2016 11:09 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 as recent weakness in the DX will prompt traders to place fresh bets which in turn will hamper the trend of the Indian Rupee.

Angel Broking's report on currency

INDIAN RUPEE (USDINR)
The Indian Rupee appreciated by 0. 1 percent yesterday owing to sustained selling of the American currency by exporters and banks. Moreover, lower DX in the overseas markets added to Rupee’s strength. Domestic markets i.e. Sensex and Nifty ended in red tracking losses in Asian market equities yesterday as investors indulged in profit booking owing to persisting worries about the impact from the ban on higher value banknotes on the economy and corporate profits.  For the month of December 2016, FII outflows in equities totaled at Rs. 5204.92 crores ($765.67 million) as on 26 th Dec’16. Year to date basis, net capital inflows in equities stood at Rs. 23537.55 crores ($3606.14 million) as on 26 th Dec’16.

OUTLOOK
The Indian rupee is expected to depreciate in today’ s trading session as recent weakness in the DX will prompt traders to place fresh bets which in turn will hamper the trend of the Indian Rupee. Moreover, fall in domestic equities due to heavy foreign capital outflows will further keep the INR pressurized.

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First Published on Dec 27, 2016 11:09 am
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