Rupee rises 2ps to 83.95/$

Mumbai: The rupee consolidated in a narrow range and settled for the day higher by 2paise at 83.95 against US dollar on Friday, supported by gains in the domestic markets. Forex traders said the rupee edged up slightly on gains in the domestic markets. However, a surge in crude oil prices capped sharp gains for the local unit. At the interbank foreign exchange market, the local unit opened at 83.95 and touched an intraday low of 83.96 and a high of 83.88 against the dollar during the session. It finally settled at 83.95 against the American currency, higher by 2paise from its previous close.

The local unit had slumped 37paise to settle at an all-time low of 84.09 against the US dollar on Monday. On Thursday, the rupee consolidated in a narrow range and settled for the day lower by 2paise at 83.97 against US dollar. Forex traders said post the Reserve Bank of India’s monetary policy announcement, markets now wait for the US CPI data, India CPI, WPI and IIP data, and India’s trade data, all scheduled to be released next week. The Jackson Holes Symposium to be held after next week will also remain in focus, traders said. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 103.15, on better-than-expected weekly unemployment claims data.