The Indian rupee closed stronger against the U.S. dollar.
The local currency strengthened 3 paise to close at 83.29 against the U.S. dollar on Wednesday, after opening at Rs 83.32. It closed at 83.32 on Tuesday, according to Bloomberg data.
"The dollar index has found support around 101.25$, contributing to the minor weakness observed in the rupee," said Jateen Trivedi, vice president, research, at LKP Securities. "Additionally, a jump in crude prices overnight, from 76$ to 78$ in Brent, added pressure to the rupee from the Rs 83.25 level. Broadly, the trend for the rupee remains sideways, with the range fluctuating between Rs 83.15 and Rs 83.45."
"DXY recovered significantly as yields rose and saw a risk off market mood, strengthening its position against its peers. December's key labor market figures from the US will define trends. Oil prices cooled off as well. Flows continue to dominate USDINR pair," Kunal Sodhani, vice president of Shinhan Bank said. "For USDINR, Rs 83.20 will act as a support and Rs 83.40 as the resistance."
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