Indian Rupee Flat Against The U.S. Dollar
Indian rupee closed flat at 82.75 against the greenback on Friday.
The Indian rupee ended flat against the U.S. dollar on Friday after remaining strong for most of the trading session tracking the overnight gains in the non-deliverable forward market.
The local currency closed at 82.75 against the greenback compared with 82.68 at open on Friday. It closed at 82.74 on Thursday.
NDF gained by 0.22% to settle at 82.6070 against the dollar, according to Reliance Securities. "Supports for the dollar-rupee spot pair are at 82.45 and 82.35, while the resistances are at 82.80 and 83.00," the brokerage said.
Asian currencies, on the other hand, remained under pressure early Friday morning, it said. In addition, the possibility of U.S. Fed continuing with rate hikes to cool inflation could continue to lift dollar and this could cap gains, it said.
"The pair is having strong resistance in the range of 83.10-83.30 and support is placed at 82.55-82.30 levels. We suggest closely watching the range of 82.55-83.10 in today’s session for taking fresh positions in the pair, either side breakout of the range could give further directions," said Rahul Kalantri, vice president of commodities at Mehta Equities Ltd.
