The rupee closed weaker against the dollar on Monday after hitting the highest level in nearly three months last week.
The local currency weakened 6 paise to close at Rs 83.06 against the dollar. It had closed at Rs 83 on Friday, according to Bloomberg data.
"The rupee is moving towards its fair value," Amit Pabari, managing director at CR Forex, said. "Standing near the support of 83–83.05, if the pair convincingly breaches these levels on Monday, then a quick movement towards 82.75 and 82.50 levels is anticipated."
The rupee is expected to be in the range as inflows will continue to dominate, according to Anil Bhansali, head of treasury at Finrex Treasury Advisors LLP. "A close watch on RBI on it buying dollars from the supplies will indicate its intentions to allow further appreciation."
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