Indian Rupee Closes Stronger Against US Dollar

The Indian rupee closed stronger against the US dollar on Wednesday, tracking the fall in oil prices and bunched-up dollar inflows. Money markets and foreign exchange were closed on Tuesday on the occasion of Gudi Padwa.

The local currency strengthened 13 paise to close at Rs 83.19 against the US dollar. It had closed at Rs 83.32 on Monday, according to Bloomberg data.

"US Fed officials (are) playing ping-pong, leaving markets participants to decide for themselves," Kunal Sodhani, vice president of Shinhan Bank, said. "The outcome of the inflation figures will set the tone of the market’s bets on the Fed, while today's FOMC minutes (are) important to watch as well. DXY finds resistance at 104.85.