Indian Rupee appreciation to continue till election results - Angel Broking

Views of Mr. Naveen Mathur (Associate Director - Commodity & Currencies, Angel Broking) on Indian Rupee

Appreciation in the Indian Rupee to continue till election results out

"The Indian Rupee has appreciated strongly in the last few trading sessions, largely due to strong inflow of foreign funds in to Indian equities on back of positive sentiments both on economic front and anticipated political scenario. Foreign inflows pumped in the Indian equities is around $3296.80 million for the month of March 14 till date. Positive data on Current Account Deficit along with fiscal deficit is one of the major factors boosting prospects for the Indian Rupee. Selling of dollars by exporters and custodian banks is also acting as a positive factor for the domestic currency.

For the short term ( one month or so), we expect Indian Rupee to trade with a major support at Rs. 59.0/58.0 and resistance seen at Rs. 61.0/62.0 against the US Dollar."

Source : Equity Bulls

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