The Indian rupee closed stronger against the U.S. dollar on Friday amid falling crude oil price and likely foreign capital inflows into local stocks.
The local currency appreciated seven paise to close at Rs 83.16 against the U.S. dollar after opening at Rs 83.24 on Friday. It closed at Rs 83.23 on Thursday, according to Bloomberg data.
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"U.S. ADP Employment Change figures from December came in better than expected. Weekly jobless claims were also positive. Focus has now shifted to upcoming U.S. Nonfarm Payrolls and Unemployment Rate due later today," Kunal Sodhani, vice president of Shinhan Bank said.
"For dollar/rupee, Rs 83.15 will act as a support and Rs 83.35 as a resistance," he said.
"We expect fundamentals and global volatility in the dollar to directly affect the pair. The dollar index fell from 107.40 at the start of November 2023 to 100.80 at the end of December 2023 and has now rebounded to 102.40. Despite this, the rupee has maintained its tight range of 40-50 paise," Amit Pabari, managing director at CR Forex Advisors.
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