The Indian rupee closed strong against the U.S. dollar tracking the weakness in the greenback amid expectations of a possible pause by the U.S. Fed.
The local currency strengthened 10 paise to close at Rs 82.47 after opening at Rs 82.49 against the greenback on Friday.
It closed at Rs. 82.57 on Thursday, according to Bloomberg data.
"The rupee is likely to gain amid weakness in the dollar. Data from US showed the labour market was slowing, bolstering expectations that US Fed may pause rate hikes in its meeting next week", ICICI Research Direct said in a note.
"As per CME FedWatch toll, the market is pricing a 75% chance of Fed hitting the pause button in upcoming meeting. US$INR is expected to face a hurdle near 82.70 and move back towards 82.30. Only a close below 82.30 would weaken the pair towards 82.10", the note said.
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