Rupee Closes Stronger Against U.S. Dollar

The rupee closed stronger against the U.S. dollar on Monday amid a fall in crude oil prices.

The local currency appreciated five paise to close at Rs 82.90 against the greenback, according to Bloomberg data. It had closed at Rs 82.95 on Friday.

"Fed officials warned patience is needed before beginning to cut rates, with the ECB following suit," Kunal Sodhani, vice president of Shinhan Bank, said. "The ongoing Middle East geopolitical tensions might boost safe-haven flows.

"For USDINR, consolidation to continue between Rs 82.77 and Rs 83.05 today," Sodhani said.

The rupee is expected to move in a range as inflows continue to get absorbed by the RBI probably, according to Anil Bhansali, executive director at Finrex Treasury Advisors.