The Indian rupee closed weaker against the U.S. dollar on Monday.
The local currency depreciated 3 paise to close at Rs 83.24 against the U.S. dollar after opening at Rs 83.18 on Monday. It closed at 83.21 on Friday, according to Bloomberg data.
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"The rupee's fundamentals are solid, and there's no significant reason for it to dip below its all-time low. Yet, it'll be intriguing to watch how the rupee fares beyond the Rs 83.00 level," Amit Pabari, managing director at CR Forex Advisors said. "If it maintains this momentum, we could witness further appreciation toward the Rs 82.75-82.50 range in the short term."
"In observance of New Year day, all major global financial markets are shut. Flows may rule rupee movement today. US Navy helicopters destroy Houthi boats in Red Sea after attempted hijack. DXY may find support around 100.60 levels, according to Kunal Sodhani, vice president of Shinhan Bank.
"For dollar/rupee, Rs 83.10 will act as a support and Rs 83.35 as the resistance," he said.
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