Indian Rupee likely to negative, says Angel Broking

Angel Broking's report on rupeeDollar/INRThe Indian Rupee appreciated by 0.2 percent yesterday owing to continuous selling of the greenback by exporters and banks. As Chinese stock markets remain close for two days, Asian markets turn positive for major part of the day thereby lending support to the Indian markets too. Furthermore, markets are discounting the government’s decision to eliminate the imposition of MAT on foreign investors so as to boost foreign inflows. Weak GDP data accompanied with healthy inflation rate has created room for RBI rate cut which has further lifted the trading  sentiments. The currency made an intraday high of 66.03 and closed at 66.09 on Thursday.For the month of September 2015, FII outflows in equities totaled at Rs. 2762.52 crores ($417.20 million) as on 3rd September, 2015. Year to date basis, net capital inflows stood at Rs. 24759.83 crores ($4223.29 million) as on 3rd September, 2015.OutlookFrom the intra-day perspective, Rupee is likely to trade negative on account of strength seen in the greenback owing to robust economic data releases from the nation will keep the Indian Rupee pressurized.For all commodities report, click here

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