Indian Rupee Closes Weaker Against The U.S. Dollar

The Indian rupee closed weaker against the U.S. dollar on Monday, after the dollar index strengthened and crude prices rose.

The local currency weakened three paise to Rs 83.14 against the U.S. dollar. It closed at Rs 83.11 on Thursday, according to Bloomberg data.

"Indian rupee was opening slightly weak at Rs 83.14 as RBI continues to buy dollars while others sell dollars with in-flows continue in to the country. The rupee looks to be in a range in today's trading session as market awaits for Fed interest rate decision in the week," Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors said.

"The US Core PCE gauge registered its lowest level since March 2021. Rising tension in the Middle East might boost a safe-haven asset and Brent crude prices sharply bounced. Fed policy this week is expected to remain unchanged," said Kunal Sodhani, vice president of Shinhan Bank.

"For dollar/rupee, Rs 83.05 will act as a support and Rs 83.30 as a resistance," he said.