Rupee Closes Weaker Against U.S. Dollar

The Indian rupee closed weaker against the U.S. dollar on Thursday on the last trading day of the current financial year.

The local currency weakened two paise to close at Rs 83.40 against the U.S. dollar. It had closed at Rs 83.38 a dollar on Wednesday, according to Bloomberg data.

Federal Reserve Governor Christopher Waller said there is no rush to cut the rate and may need to maintain the current rate for longer than expected, according to Kunal Sodhani, vice president of Shinhan Bank.

"Market awaits core PCE inflation data and GDP figures in the US, with Fed's divided stance on rate cuts in focus. For USDINR, 83.25 acts as a support, while 83.50 a resistance," Sodhani said.

Exporters to remain hedged in the near term only as uncertainty on interest rate, oil and geopolitical front lingers on, according to Anil Bhansali, executive director at Finrex Treasury Advisors.