Indian Rupee Closes Flat Against U.S. Dollar

The Indian rupee closed flat against the U.S. dollar on Wednesday, ahead of the release of the U.S. Federal Reserve's monetary policy meeting minutes.

The local currency closed flat at Rs 82.97 against the U.S. dollar, after opening at Rs 82.91. It closed at Rs 82.97 on Tuesday, according to Bloomberg data.

"The Indian rupee experienced a modest increase against the dollar primarily driven by anticipated inflows into the debt market and corporate-related fundraising activities," said Amit Pabari, managing director at CR Forex Advisors.

"Dollar index and yields strength slightly declined as markets await fresh drivers to continue timing the start of the Fed’s easing cycle. FOMC’s January Meeting Minutes are due today. The odds for a Fed May rate cut continue to decline, hopes shift to June," Kunal Sodhani, vice president of Shinhan Bank, said.

"For dollar/rupee, Rs 82.80 will act as a support and Rs 83.10 as a resistance," he said