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The rupee appreciated by 17 paise to close at 83.33 (provisional) against the US dollar on Friday, bolstered by positive domestic markets and anticipated fresh foreign inflows. Forex traders attributed the rupee's strength to reports of the Reserve Bank of India (RBI) selling US dollars.
At the interbank foreign exchange market:
- The rupee opened at 83.50
- Reached an intraday high of 83.32
- Touched a low of 83.50
The domestic unit ultimately settled at 83.33 (provisional), marking a 17 paise increase from its previous close of 83.50 against the US dollar on Thursday.
"We expect the rupee to trade with a slight negative bias due to the strengthening of the US dollar amid hawkish Fed statements and weak Asian and European markets. However, the positive tone in domestic markets may support the rupee at lower levels."
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