The Indian rupee closed flat against the U.S. dollar on Thursday as a firm dollar index offset the impact of fall in crude oil prices.
The local currency ended little changed at Rs 83.04 against the greenback, after opening at Rs 83. It closed at Rs 83.03 on Wednesday, according to Bloomberg data.
"The dollar index fell to 104.67 and the US 10-year Treasury note yield softened to 4.2320%. Amongst Asian currencies, the Indonesian Rupiah gained while offshore Yuan and Korean won were battling at the same level as yesterday," Anil Kumar Bhansali, head of Treasury and executive director at Finrex Treasury Advisors, said.
"The knee-jerk in the dollar coincided with a noticeable pullback in US yields across various maturity periods amid some profit-taking mood following recent strong gains. Now, Fed rate cut discounting shifts to June," Kunal Sodhani, vice president of Shinhan Bank said.
"For dollar/rupee, Rs 82.95 will act as a support and Rs 83.20 as a resistance," he said.
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