The Indian rupee strengthened against the U.S. dollar on Friday as risk appetite improved due to receding concerns over the U.S. banking sector. This led to lower demand for safe haven currencies like the U.S. dollar.
The local currency strengthened 22 paise to open at 82.12 against the greenback, according to Bloomberg. It closed at 82.34 on Wednesday.
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The rupee strengthened 16 paise to close at 82.18 against the greenback on Friday.
The local currency has weakened by Rs 6.39 to 82.18 on Friday from 75.79 against the U.S. dollar a year ago.
"Supports for the dollar-rupee spot pair are seen around 81.94 and 81.82, while the resistances are around 82.22 and 82.40," said Reliance Securities Ltd.
The Asian and emerging market peers have also opened marginally firmer, aiding sentiment, the brokerage said. However, month-end dollar demand from corporates and oil importers would limit the gains in the local currency, it said.
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