The Indian rupee closed strong against the dollar on Wednesday amid a softening of U.S. Treasury yields.
The currency strengthened 6 paise to close at Rs 83.33 against the greenback. It closed at Rs 83.39 on Tuesday, according to Cogencis data.
The dollar had strengthened despite lower Treasury yields and mixed US data, according to Kunal Sodhani, vice president of Shinhan Bank. "Despite mixed economic U.S. data, traders continue to reinforce their view that the Fed has finished its tightening cycle as reflected from the yields."
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"Eyes will now remain on the U.S. ADP employment change and NFP data for further cues. For USDINR, 83.25 acts as support, while 83.500 acts as resistance", Sodhani said.
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