The Indian rupee strengthened against the U.S. dollar on Wednesday, tracking the slump in the dollar index as weak economic data from the U.S. built hopes of fewer rate hikes by the Fed.
The local currency appreciated 26 paise to open at 82.07 against the greenback, according to Bloomberg. It closed at 82.33 on Monday.
Rupee appreciated 33 paise to close at 82 against the greenback on Wednesday.
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"Supports for the dollar-rupee spot pair are at 81.95 and 81.85, resistances are at 82.40 and 82.50," Reliance Securities Ltd. said in a note.
It pointed out that most Asian peers have started stronger against the greenback on Wednesday, while NDF markets have also started stronger and will aid sentiments.
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