The Indian Rupee appreciated by 0.12 percent on Friday's trading session and closed at 62.04 on the back of weakness in DX coupled with rise in risk appetite in the domestic markets. Further, strong foreign fund inflows supported currency to gain strength. However, US Federal Reserve decision to trim its monthly asset purchases by USD10 billion proved fatal for the Indian Rupee.
Outlook
We expect Indian Rupee to trade on mixed note. Weakness in DX coupled with rise in risk appetite in the domestic markets may support Indian Rupee to trade positive. Further, strong foreign fund inflows may act as a desirable factor for the currency. Additionally, narrowed current account deficit along with RBI decision to keep its policy interest rates unchanged may help currency to gain strength. Whereas, month end dollar demand form Importers and US Federal Reserve decision to trim its monthly asset purchases by USD10 billion may prove fatal for the Indian Rupee.
Technical Outlook
Curency - USDINR DEC
Strategy - Sideways
Support - 61.60/61.85
Resistance - 62.21/62.4
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