The Indian rupee closed stronger on Friday, supported by dollar sales from foreign banks, but snapped a two-week winning streak as a moderation in U.S. rate cut expectations and equity-related outflows weighed on the local unit earlier in the week.
The Indian rupee ended lower on Wednesday, pressured by likely equity outflows and as the U.S. dollar index rose to a more than one-month high on the back of moderation in U.S. rate cut expectations.
The Indian rupee snapped a nine-day winning streak on Tuesday, pressured by a broadly stronger dollar and a risk-off in regional markets amid high inflationary pressures continuing to cloud the interest rate outlook.
The Indian rupee was trading higher on Friday, surpassing the 83-level against the U.S. dollar, as traders capitalised on the opening decline to build bullish bets on the local currency.
The Indian rupee ended little changed against the dollar on Thursday, ahead of the key U.S. inflation data that could potentially help investors reassess the outlook for interest rates in the world s largest economy.