Rupee Strengthens Against Dollar On Weaker US Labour Market Signs

The Indian rupee closed stronger on Wednesday as the dollar index rose on cooling signs of the US labour market.

The local currency strengthened by 16 paise to close at Rs 83.37 against the US dollar; the rupee had opened at Rs 83.46.

The currency closed at Rs 83.52 on Tuesday.

The US dollar index was up by 0.08% at 104.19, while the Nymex Crude oil was trading lower by 0.07% at $73.20.

The Indian rupee weakened after BJP could not muster a majority after 10 successive years of governance, according to Anil Bhansali, executive director at Finrex Treasury Advisors LLP. The RBI was there protecting the rupee at 83.50, but the closure at 83.53 was lower, he said.

"US Job openings in April were reported to be 8.059 million, lower than both the expected 8.34 million and March revised figure of 8.35 million," Kunal Sodhani, a financial analyst wrote.