The Indian Rupee appreciated around 0.2 percent on Tuesday. The currency appreciated on the back of less than expected rise in the Current Account Deficit (CAD). Overall the CAD has widened when compared to year on year basis. Additionally, upbeat domestic market sentiments supported an upside in the currency.
Further, expectations of partial shutdown in US government led to weakness in the DX which acted as a positive factor. The Indian Rupee touched an intra-day high of 62.15 and closed at 62.45 on Tuesday.
For the month of October 2013, FII inflows totaled at Rs.524.50 crores (USD83.55 million) as on 1st October 2013. Year to date basis, net capital inflows stood at Rs.524.50 crores (USD83.55 million) till 1st October 2013.
Outlook: In today's session, we expect Indian Rupee to trade on a positive note taking cues from upbeat global and domestic market sentiments.
Further, weakness in the DX along with statement from Finance Minister expecting a growth in the India's economy will support an upside in the currency. However, sharp upside in the Rupee will be capped as a result of month end dollar demand from importers.
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