Rupee Closes Flat Against Dollar
The currency closed at Rs 83.18 against the greenback.
The rupee opened flat on Wednesday after a decline of the dollar and the benchmark US Treasury bond yields.
The currency closed at Rs 83.18 against the greenback, according to Bloomberg data.
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."
