Rupee Strengthens Against Greenback As Dollar Index Dips
Rupee strengthened by 3 paise to close at Rs 83.50 against the dollar.
The Indian rupee strengthened against the greenback on Thursday, as both the dollar index and crude oil prices fell.
The local currency strengthened by 3 paise to close at Rs 83.50 and opened flat at Rs 83.54 against the dollar, according to Cogencis. It had closed at Rs 83.53 on Wednesday.
"Stronger fundamentals, robust inflows, and equity markets at an all-time high are clashing with temporary external pressures. As these external factors dissipate, the Indian rupee is poised to gain strength," said Amit Pabari, managing director of CR Forex Advisors.
During trade in Asian markets on Thursday, the dollar index fell to 105.24, while Brent crude rose to trade at $86.94 per barrel.
"The US economy seems to be slowing, with the labour market starting to show signs of slackness as well as inflationary pressures easing," said Anil Kumar Bhansali, head of Treasury and executive director at Finrex Treasury Advisors LLP.
"Exporters may sell the dollar above Rs 83.55, and importers may buy the dollar at dips with a stop loss at Rs 83.60," he said.
