The Indian rupee closed stronger against the U.S. dollar on Tuesday after crude prices tumbled over 4% on Monday.
Oil experienced its most significant decline in approximately a month due to indications of a softer physical market, marked by a substantial pricing reduction initiated by Saudi Arabia, the leader of the OPEC+ coalition.
The local currency appreciated 2 paise to close at Rs 83.12 against the U.S. dollar after opening at Rs 83.06 on Tuesday. It closed at Rs 83.14 on Monday, according to Bloomberg data.
"Dollar index started the week with modest losses just above the 102.00 barrier amidst investors' preference for risk-linked assets and a corrective decline in US yields across the board. Brent prices lower on worries of oversupply," Kunal Sodhani, vice president of Shinhan Bank said.
"For dollar/rupee, Rs 82.95 will act as a support and Rs 83.20 as a resistance," he said.
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