The Indian rupee strengthened against the US dollar on Friday as the RBI kept the repo rate unchanged. Market participants also await the release of US non-farm payroll data later in the day.
The Reserve Bank of India announced its monetary policy decision and kept the benchmark repo rate unchanged for the eighth straight meet.
The local currency strengthened by 10 paise to Rs 83.37 against the greenback on Friday. It had strengthened to Rs 83.45 after the RBI policy was announced, according to Bloomberg. The currency closed at Rs 83.47 on Thursday.
The dollar index, which gauges the strength of the US currency against a basket of six major currencies, was largely flat at 104.09. Brent crude oil price was trading 0.05% higher at $79.91.
"The Indian rupee is expected to trade in a narrow range of Rs 83.40–83.50 today as the RBI continues its sales of the dollar to protect the rupee," Anil Bhansali, executive director at Finrex Treasury Advisors LLP, said.
"For USD-INR, Rs 83.35 will act as a support and Rs 83.55 as a resistance," Kunal Sodhani, vice president at Shinhan Bank, said.
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