Indian Rupee Strengthens Against The U.S. Dollar

The Indian rupee strengthened against the U.S. dollar amid improved risk sentiments in the global market.

The local currency opened at 82.48, strengthening 26 paise against the greenback on Friday. It closed at 82.74 on Thursday.

The Indian currency has been closing weaker against the U.S. dollar since March 10.

“The dollar-rupee pair is likely to face resistance near the key psychological level at 83 and move back towards 82.40 amid improved risk sentiments,” ICICI Direct Research said. “Further expectations of declining consumer sentiment in the U.S. could limit the upside in the dollar.”

“The pair is hovering near the multi month resistance zone of 83. As long as the pair stays under 83, it is expected to dip towards the initial support of the 20 day EMA at 82.40,” the note said.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600