Rupee gains on possible dollar inflows, eyes Fed minutes

The Indian rupee gained for a second day, closing at 82.66 against the US dollar due to possible corporate inflows and exporters selling the dollar at the resistance level of 82.85. Analysts attributed the currency gain to MSCI index rebalancing and the recovery of Chinese yuan. Meanwhile, discussions on the US debt ceiling continued, with the failure of negotiations between US President Joe Biden’s delegates and congressional Republicans. The dollar index remained near 103.52 as investors awaited the May Fed meeting’s minutes to provide additional details on interest rates.