Indian Rupee Strengthens Against U.S. Dollar
The local currency strengthened 11 paise to close at Rs 82.92 against the U.S dollar on Friday.
The Indian rupee closed stronger against the U.S. dollar on Friday.
The local currency strengthened 11 paise to close at Rs 82.92 against the U.S dollar on Friday, after opening at Rs 83.08. It closed at Rs 83.03 on Thursday, according to Bloomberg data.
"Indian rupee is expected to remain in a narrow range as inflows are countered by dollar buying by oil companies and possibly RBI. The expected range is Rs 82.90-83.20," said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
"Headline and core CPI from December came in higher than expected. DXY and yields initially bounced and later cooled off as well. Fed's Goolsbee commented that 2023 was a "hall-of-fame" year for inflation reduction," Kunal Sodhani, vice president of Shinhan Bank said.
"For dollar/rupee, Rs 82.90 will act as a support and Rs 83.20 as a resistance," he said.
