Indian Rupee Closes Weak Against The U.S. Dollar
Rupee depreciated 38 paise to close at Rs 82.68 against the U.S dollar on Monday.
The Indian rupee closed weak against the U.S. dollar amid rising crude oil prices and a strong greenback in the global market.
The local currency depreciated 38 paise to close at Rs 82.68 after opening at Rs 82.45, against the U.S dollar on Monday.
It closed at Rs 82.30 on Friday, according to the Bloomberg data.
"The rupee is likely to halt its gains amid strong dollar and rising crude oil prices. Further, expectation of improvement in US ISM Service PMI numbers could provide some support to the dollar", ICICI Direct Research said in a note.
"Meanwhile, the probability of no hike in June has increased above 75%, which could restrict more upside in the dollar. The dollar/rupee pair is expected to hold the support near 82.20 and rise back towards 82.50," the brokerage said.
