Rupee Closes Weak Against U.S. Dollar

The Indian rupee closed weaker against the dollar on Friday after U.S. inflation data dashed hopes of a rate cut in the first half of the year from the Federal Reserve.

The local currency weakened six paise to close at Rs 82.89 against the dollar, after opening at Rs 82.96. It had closed at 82.83 a dollar on Thursday, according to Bloomberg data.

"US core and headline PPI came in higher than expected in February. On the negative side, Retail sales from February and weekly initial jobless claims came in lower than expected," Kunal Sodhani, vice president of Shinhan Bank, said.

The U.S. 10-year Treasury yields, and the dollar index rallied. For USDINR, Rs 82.85 acts as a support, while 83.10 a resistance, Sodhani said.