The Indian rupee opened stronger against the dollar amid a decline in crude oil prices and the dollar index.
The local currency appreciated 3 paise to open at Rs 83.47 against the US dollar, according to Bloomberg data. The currency closed at Rs 83.50 on Thursday.
The dollar index fell 0.14% to 104.98, while Brent crude declined 0.39% to $87.09. However, the latest data showed US inventories last week dropped more than 12 million barrels, the biggest decline in almost a year, according to Bloomberg.
The dollar was hovering near a three-week low, and the yield on the US 10-year stood at 4.36% as the market awaits the US Jobs data later during the day, according to Anil Kumar Bhansali, head of Treasury and executive director at Finrex Treasury Advisors LLP.
The Indian rupee remains range-bound overnight and is expected to be in Rs 83.45-83.60 range on Friday, with RBI and inflows countering the dollar buying by oil and FPIs, Bhansali said.
“For dollar/rupee, Rs 83.35 will act as a support and Rs 83.58 as a resistance,” according to Kunal Sodhani Vice President at Shinhan Bank.
