Indian Rupee Closes Flat Against The US Dollar
The local currency closed flat at Rs 83.51 against the greenback, according to Bloomberg data.
The Indian rupee closed flat against the US dollar on Thursday, ahead of the release of US weekly job data and a flat dollar index.
The local currency closed unchanged at Rs 83.51 against the greenback, according to Bloomberg data. The rupee had closed at the same amount on Wednesday.
Recent data shows promising signs, despite pressure on the Indian rupee due to increased demand for the dollar-driven currency, according to Amit Pabari, managing director of CR Forex Advisors.
"Moreover, India's robust economic fundamentals and substantial foreign exchange reserves serve as a safety net, empowering the RBI to counter downward pressure on the rupee."
Considering these factors in the near term, it's possible for the rupee to reach levels between Rs 83 and Rs 83.20, Pabari said.
