The Indian rupee closed weaker on Friday despite a slight decline in the dollar index following the announcement of the US GDP figures. The local currency closed two paise weaker against the US dollar at Rs 83.35. It had closed at Rs 83.33 on Thursday, according to Bloomberg data.
"It is anticipated that the rupee may gradually strengthen towards 83.20 to 83.00 in the short term, while medium-term expectations are that the rupee will rise to 82.50 levels," Amit Pabari, managing director at CR Forex Advisors, said.
"US GDP slowed faster than expected, but PCE inflation measures warn of still-high prices. The easing of tensions in the Middle East has improved the demand for risky assets," Kunal Sodhani, vice president of Shinhan Bank, said.
"Markets’ attention now shifts to the upcoming US Core PCE and Japan's policy. For USDINR, 83.20 acts as a support, while 83.40 a resistance," Sodhani said.
RECOMMENDED FOR YOU
POPULAR