Indian Rupee Ends Stronger Against The U.S. Dollar

The Indian rupee closed stronger against the U.S. dollar on Thursday.

The local currency appreciated 6 paise to close at Rs 83.23 against the U.S. dollar on Thursday. It closed at Rs 83.29 on Wednesday, according Bloomberg data.

"US JOLTs jobs openings from November came in below expectations, while ISM’s December manufacturing PMI came in higher than anticipated. FOMC minutes showed that members warned about higher rates for a longer period," Kunal Sodhani, vice president of Shinhan Bank said. "For USDINR, Rs 83.24 will act as a support and Rs 83.40 as a resistance."

"The rise in the dollar index has exerted pressure on the rupee around the Rs 83.30 zone, preventing it from moving above this level due to the strength in the dollar. Meanwhile, crude oil prices remained volatile, fluctuating between 76-79$," Jateen Trivedi, vice president, research at LKP Securities said.