Indian Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 3 paise to close at 82.83 against the U.S. Dollar.
The Indian rupee closed stronger against the U.S. dollar on Thursday as traders awaited data for cues on monetary policy.
The local currency strengthened by 3 paise to close at 82.83 against the U.S. dollar. It closed at 82.86 on Wednesday, according to Bloomberg data.
"Despite US CPI data intensifying, investor foresight accords more with frail labour-market figures," Kunal Sodhani, vice president of Shinhan Bank, said.
U.S. retail sales and weekly jobless claims figures will dictate the pace of the dollar for the rest of the week. For USDINR, Rs 82.70 acts as a support, while Rs 82.95 a resistance, Sodhani said.
"After some hiccups in equities, (the) FPIs will start investing again and (the) FDI flows may continue to be supportive. So, overall, we believe that the given bounce should be seized by exporters to participate," Amit Pabari, managing director at CR Forex Advisors, said.
"On the view front, a bearish leg will soon unfold as the pair may encounter resistance near the (Rs) 82.90–83.00 zone and trend lower towards (Rs) 82.50 to 82.20 soon," Pabari said.
