The rupee ended at 83.11 versus the US dollar on Friday, one paise lower compared to its previous close. Earlier in the session, the currency appreciated by five paise versus dollar.
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading 0.1 percent lower at 103.2.
"USD-INR continues to face resistance around the 83.15 mark, for the third consecutive day. The sentiments are tilted towards risk aversion post-China’s economic and property woes. Post China unexpectedly lowered several key interest rates last week, today’s rate cut of 10 bps was a hawkish cut as the same disappointed market expectation of a 15 bps one," said CR Forex's Amit Pabari.
"As major currencies like DXY, the Chinese Yuan, and the Japanese Yen are seen facing resistance, the USD-INR too seems to limit its upside near the 83.15 mark. For the rupee, as long as RBI defends 83.15 mark, the USD bull shall remain at bay and the bears will take an early entry as the pair seems falling around 82.90 levels. However, in the short run, the pair is likely to remain caged between 82.75-83.25 levels, and moving on, a shift towards 82.20-82.00 levels seems likely," Pabari added.
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