The Indian rupee closed stronger against the dollar on Wednesday on likely inflows into local stocks, even as market participants waited for the release of the minutes of the US Fed's latest meeting to give fresh direction to the market.
The local currency appreciated 3 paise to close at 83.28 against the US dollar, according to Bloomberg data. It had closed at 83.31 on Tuesday.
Equity inflows should help the rupee gain more towards Rs 83.15 before the election results on June 4, according to Anil Bhansali, executive director at Finrex Treasury Advisors LLP.
India continues to lead on investors' radars in multiple tailwinds, with a potential for the rupee to appreciate, according to Amit Pabari, managing director at CR Forex Advisors.
In the short term, one can expect the rupee to approach levels of Rs 83.00-83.10, while the medium-term target is projected to range between Rs 82.80 and Rs 82.50, Pabari said.
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