Wednesday, 21 December 2016

Rupee is expected to depreciate; USD/INR

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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.

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