Rupee Closes Flat Against U.S. Dollar

The Indian rupee closed flat on Monday after a rise in crude oil prices were offset by weakening of the U.S. Dollar Index.

The local currency closed flat at Rs 82.89 against the dollar after opening at Rs 82.85. It had closed at Rs 82.91 on Friday, according to Bloomberg data.

"Several Fed officials said the timing of interest-rate cuts will depend on incoming economic data. U.S. ISM Manufacturing came in weaker than expected. ECB is expected to leave interest rates on hold at its March meeting on Thursday," Kunal Sodhani, vice president of Shinhan Bank, said.

"For USDINR, 82.77 acts as a support, while 83.05 a resistance," Sodhani said.