The Indian rupee strengthened against the U.S. dollar on Friday, as risk assets got some relief following bank rescues in the U.S. and Europe, with the local currency holding near a key resistance zone.
The rupee was trading around 82.46 per dollar at 11:15 a.m. IST, compared to its previous close of 82.73.
If the currency manages to strengthen past it in a sustainable manner, then further gains are likely, the trader added. U.S. stocks set the tone overnight, with the S&P 500 index rallying nearly 2% on news that a large group of banks were infusing cash into First Republic Bank.
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