Indian Rupee Ends Stronger Against The U.S. Dollar
Rupee strengthened 2 paise to close at 83.25 against the U.S. dollar.
The Indian rupee closed stronger against the U.S. dollar on Tuesday amid the softening of the dollar index.
The local currency strengthened 2 paise to close at 83.25 against the U.S dollar on Tuesday, after opening at Rs 83.23. It closed at Rs 83.27 on Monday, according to Bloomberg data.
"RBI seems to be holding the rupee fall as Rs 83.30 keeps taking support, but crude and dollar rises may not let the rupee move above Rs 83.10 as well," said Jateen Trivedi, vice president of research at LKP Securities.
The rupee may trade in the Rs 83.10–83.50 range for the day, with the possibility of a sharp correction if the rupee falls below Rs 83.40, he said.
"DXY lost momentum as the market stabilised and US yields continued to decline. Eyes continue to remain on the Middle East. Traders might prefer to wait for this week’s key releases: the FOMC minutes and the US CPI, according to Kunal Sodhani, vice president, Shinhan Bank (Global Trading Centre).
"Dollar/rupee may find support around Rs 83.05 and resistance around Rs 83.30," he said.
