Rupee rises 2ps to 83.95/$

Mumbai: The rupee gained 2paise to close at 83.95 against the US dollar on Friday amid a weak greenback in overseas markets. However, negative domestic markets, rise in crude oil prices, and outflow of foreign capital capped sharp gains, forex traders said. At the interbank currency market, the local unit opened at 83.97 and witnessed an intra-day high of 83.91 against the American currency. The unit, which traded in the range of 83.91-83.97, finally settled at 83.95, registering a gain of 2paise.

It had closed at 83.97 on Tuesday. “Indian rupee recovered today on weak US dollar. However, weak domestic markets capped sharp gains,” Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said. “We expect rupee to trade with a slight negative bias on weak global equities and concerns over global economic growth,” he said, adding that the USD-INR spot price is expected to trade in a range of Rs 83.70 to Rs 84.20.