Rupee Closes Flat Against Dollar

The rupee corrected after hitting a three-month high as importers rushed to buy the dollar, which again pushed the pair to the 83.20 level, where it has been hovering around in the past few months, according to Amit Pabari, managing director at CR Forex

It seems that the rupee is poised to align with its fundamentals and come down as "we saw that the RBI has loosened its grip and allowed the rupee to break its recent range, alongside the heavy FII inflows that have continued to come in the past two months", Pabari said. "The upside for (the) USDINR pair seems capped at 83.20–30 region, with a potential downswing anticipated towards 82.90 and eventually 82.75."