Dollar/INR
Another all-time low was hit by the Rupee on Monday, with the currency touching 63.30 and losing 148 paise in intraday trade. Weak domestic market fundamentals, dollar demand, choppy domestic equities and concerns whether the current actions and measures will have any impact on the Rupee led to further weakness in the currency. On one hand, the Rupee weakened sharply and on the other hand the economic weakness of the Indian economy drove equity markets into mayhem.
The Sensex and the Nifty fell around 1.6 percent and investors showed a concern on account of flight of capital seen moving away from emerging economies and going into the emerging and developing economies. In its efforts to curb depreciation in the Rupee, the gover Monday banned duty free high-end imports of TV by air travellers. Although the Rupee strengthened marginally, it still closed yesterday's trade more than 2 percent weaker.
For the month of August 2013, FII inflows totaled at Rs.1098.40 crores (USD 181.20 million) as on 19th August 2013. Year to date basis, net capital inflows stood at Rs.67190.80 crores (USD 12667 million) till 19 2013.
Outlook
Weakness in the Rupee is expected to continue today as domestic markets witness negative sentiments on the back of continuing depreciation in the currency despite central bank efforts. Additionally, the Dollar Index is likely to strengthen on the back of increased risk aversion in the global markets, thus adding another negative factor for the Rupee.
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