The Indian rupee closed weaker against the U.S. dollar on Friday after a surge in crude oil prices.
The local currency closed 10 paise lower at Rs 82.95 against the greenback. It had closed at Rs 82.85 on Thursday, according to Bloomberg data.
"(The) EU and US PMIs came in soft or mixed, giving bulls cause for pause. U.S. Initial Jobless Claims came in stronger than expected," Kunal Sodhani, vice president of Shinhan Bank, said.
"Rising US Treasury yields indicate market skepticism about immediate Fed rate cuts, a tailwind for the USD. For USDINR, 82.77 acts as a support, while 83.05 a resistance," Sodhani said.
The inflows are expected to continue also with a close watch on whether the RBI buys dollars or not, according to Anil Kumar Bhansali, executive director at Finrex Treasury Advisors.
RECOMMENDED FOR YOU
Rupee Ends At Record Low As US Dollar Firms Up Globally
Oct 23, 2024
From ‘Hawai Chappal’ To ‘Hawai Yatra’: UDAN Scheme Transforms Indian Aviation
Oct 22, 2024
 India currency, money, rupee.jpeg?rect=0%2C0%2C3500%2C1969&w=75)
Rupee Closes Weaker Against Dollar As Investors Await US CPI Data
Oct 10, 2024
Rupee Closes Weaker Against Dollar Amid Month-End Dollar Demand
Sep 26, 2024
POPULAR