Rupee Closes Flat Against Dollar
Rupee closed at Rs 83.51 against the greenback, unchanged from Tuesday's close of Rs 83.51, according to Bloomberg.
The Indian rupee closed flat on Wednesday as the impact of rising dollar index was offset by a key Fed official comment stating that interest rates in the US may stay steady for a longer period.
The local currency closed at Rs 83.51 against the greenback, unchanged from Tuesday's close of Rs 83.51, according to Bloomberg.
Minneapolis Federal Reserve President Neel Kaskari had said on Tuesday that interest rates in the US might need to be steady for a longer period.
With no major data releases scheduled for this week, the rupee is expected to continue trading sideways within the range of Rs 83.20–83.65, according to Jateen Trivedi, research analyst at LKP Securities.
Demand from the FPIs of dollars should continue, while selling by the RBI could keep the rupee range bound in the session, according to Anil Bhansali, executive director at Finrex Treasury Advisors LLP.
The rupee is expected to take support at Rs 83.42, while Rs 83.60 will act as a resistance, according to Kunal Sodhani, vice president at Shinhan Bank.
