According to Angel Broking Indian Rupee to trade on a mixed note as a result of inflow of foreign funds in equities and debt markets will act as a positive factor.
The Indian Rupee traded on a flat note and appreciated marginally on Monday. The currency appreciated on the back of the inflow of foreign funds in equities and debt markets. Further, domestic equities reaching an all time high level and 10 year bond yield at the highest level in more than 14-months supported an upside in the currency. Additionally, optimistic manufacturing data from the country continued with upside movement in the Indian Rupee.
However, sharp upside in the currency was prevented due to weak economic data from Chinese economy in early trade. The currency touched an intra-day high of 61.315 and closed at 61.38 on Monday.
India's HSBC Markit Manufacturing PMI rose by 0.6 points to 51.6-mark in October as against a rise of 51.0-level in September.
For the month of November 2014, FII inflows in equities totaled at Rs.1906.73 crores ($310.50 million) as on 3rd November 2014. Year to date basis, net capital inflows stood at Rs.84172.88 crores ($14001.02 million) as on 3rd November 2014.
Outlook
From the intra-day perspective, we expect Indian Rupee to trade on a mixed note as a result of inflow of foreign funds in equities and debt markets will act as a positive factor. While on the other hand, dollar demand from importers, weak market sentiments along with strength in the DX will cap sharp gains or reversal in the Indian Rupee. Further, estimates of unfavorable services data from the country will exert downside pressure on the currency.
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