Indian Rupee Closes Weaker Against US Dollar
The local currency weakened 3 paise to close at Rs 83.32 against the greenback.
The Indian rupee closed weaker against the US dollar on Monday, days after the Reserve Bank of India kept its benchmark repo rate unchanged for the seventh time in a row.
The local currency weakened 3 paise to close at Rs 83.32 against the greenback. It had closed at Rs 83.29 against the dollar on Friday, according to Bloomberg data.
The central bank continues to support the rupee from weakening further, according to foreign exchange traders.
"The market awaits the India CPI, IIP, WPI and US CPI this week," according to Anil Bhansali, executive director at Finrex Treasury Advisors.
"US non-farm payrolls increased to 3,03,000 in March, surpassing the expected 2,00,000. Traders now look to the US CPI, FOMC minutes and the ECB meeting for fresh impetus," said Kunal Sodhani, vice president of Shinhan Bank. "Oil prices cooled off, while the dollar index found resistance at 104.85 levels."
