Rupee Closes Higher Against The Dollar
The currency strengthened 13 paise to close at Rs 83.15 against the U.S dollar
The rupee closed stronger on Friday after weakening of dollar index as the US gross domestic product expanded and missed the estimates.
The US weekly jobless claims rose to 205,000 last week versus an estimate of 215,000. The dollar fell below the 102 level following the release of these data.
After opening at Rs 83.28, the local currency strengthened 13 paise to close at Rs 83.15 against the dollar. It had closed at Rs 83.28 on Thursday, according to Bloomberg data.
"US Q3 GDP came in weaker than expected, expanding at 4.9%," Kunal Sodhani, vice president of Shinhan Bank, said. "For USDINR, 83.10 acts as a support, while 83.30 a resistance."
The currency pair is fluctuating within the range of 83.10 to 83.25, with the rupee struggling to breach and sustain levels below 82.90, according to Amit Pabari, managing director at CR Forex.
"However, should this threshold be breached, a potential movement of 50 paise is expected, propelling the rupee towards an appreciation to the 82.75 level," he said. "On the flip side, the rupee losses are expected to be curbed around the 83.40–50 region, given by robust FII flows."
