The rupee settled lower in the last trading session of the year on Friday as the dollar index recouped losses.
The currency settled 4 paise lower at Rs 83.21 against the greenback. It opened at 83.16 against the dollar compared to a close of 83.17 on Thursday, according to Bloomberg data. The rupee has gained 0.39% in 2023.
The dollar index, which gauges the strength of the greenback against six major currencies, rose 0.15% to 101.38 on Friday.
Brent oil fell to $77.47 per barrel as demand concerns outweigh the risk to supply from the Middle East conflict, according to Anil Bhansali, executive director at Finrex Treasury Advisors LLP. "This year, oil prices are set to drop by about 10%, and this will be the third consecutive month of decline."
"The Indian rupee is expected to be in the range of 83.10 to 83.25," Ritesh Bhanshali, director at Mecklai Financial Services Pvt., said. "Exporters are advised to take hedges above 83.25 levels in tranches and importers are advised to take hedges below 83.10 levels."
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