Rupee Strengthens Against The U.S. Dollar
Rupee closed at 81.98, appreciating 7 paise against the U.S. dollar on Thursday.
The Indian rupee appreciated against the U.S. dollar on Thursday, even as investors await the U.S. jobs data to get direction on the likely rate action by the Federal Reserve.
The local currency strengthened 14 paise to open at 81.92 against the greenback, according to Bloomberg data. It closed at 82.05 on Wednesday.
The rupee closed at 81.98, appreciating 7 paise against the U.S. dollar on Thursday.
"Supports for the dollar-rupee spot pair are at 81.90 and 81.79, and resistances are at 82.24 and 82.43," said Reliance Securities Ltd.
Most of the Asian peers, according to the brokerage, started weaker on Thursday morning and could cap gains in the rupee. Additionally, Fed's hawkish narrative could also support the dollar and weigh on the local unit, it said. But there is a possibility that could change if the jobs data remains sluggish.
"We suggest closely watching the levels of 81.70-82.45 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.