Rupee Closes Weaker Against U.S. Dollar

The Indian rupee closed weaker against the U.S. dollar on Friday after a surge in crude oil prices.

The local currency closed 10 paise lower at Rs 82.95 against the greenback. It had closed at Rs 82.85 on Thursday, according to Bloomberg data.

"(The) EU and US PMIs came in soft or mixed, giving bulls cause for pause. U.S. Initial Jobless Claims came in stronger than expected," Kunal Sodhani, vice president of Shinhan Bank, said.

"Rising US Treasury yields indicate market skepticism about immediate Fed rate cuts, a tailwind for the USD. For USDINR, 82.77 acts as a support, while 83.05 a resistance," Sodhani said.

The inflows are expected to continue also with a close watch on whether the RBI buys dollars or not, according to Anil Kumar Bhansali, executive director at Finrex Treasury Advisors.