Indian Rupee Gains Against The U.S. Dollar

The Indian rupee appreciated against the U.S. dollar on Wednesday.

The local currency opened at 81.63, appreciating 9 paise against Monday’s close of 81.72.

During morning trade, the rupee appreciated 0.21% to 81.55.

“A brief period of upsides failed to gather momentum, resigning the dollar-rupee within the 81.70-81.53 band,” said Anand James, chief market strategist at Geojit Financial Services. “We may have to let go of the upside expectations if the dollar-rupee prefers the 81.6-81.53 vicinity early in the day, but will play a collapse only once below 81.35.”

At 10:25 a.m., the rupee traded at 81.61.

The rupee had hit a record low of 83.29 on Oct. 20.