Rupee Closes Stronger Amid Weak Dollar, Lower Crude Prices
The overall outlook of the rupee appears promising, bolstered by robust fundamentals, foreign investment and the RBI reserves.
The Indian rupee closed stronger on Friday amid weakness in the US Dollar Index and a decline in the prices of crude oil.
The local currency strengthened three paise to close at Rs 83.43 against the greenback. It had closed at Rs 83.46 on Thursday, according to Bloomberg data.
The overall outlook of the rupee appears promising, bolstered by robust fundamentals, foreign investment and the RBI reserves, according to Amit Pabari, managing director at CR Forex. "The short-term projections suggest a potential for the rupee to rise around 83.20–83.00 levels, with long-term expectations hovering around 82.80–82.50 levels."
The DXY remained lower after the Fed kept rates steady and signalled slower quantitative tightening. The US nonfarm-payroll labour figures will be the pivotal data point this week, according to Kunal Sodhani, vice president of Shinhan Bank.
