Rupee Rises 6ps To 83.90/$

Mumbai: The rupee witnessed range-bound trade and settled for the day higher by 6paise at 83.90 against the US dollar on Friday supported by weakening of the American currency in the overseas market and significant foreign fund inflows. Forex traders said rupee trade was range-bound as the Reserve Bank of India (RBI) is maintaining a firm grip on the domestic currency. At the interbank foreign exchange market, the local unit opened at 83.92 and witnessed an intraday high of 83.85 and a low of 83.98 against the American currency. The domestic unit finally settled for the day at 83.90, higher by 6paise over its previous close.

On Thursday, the local unit settled 3paise higher at 83.96 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.46 per cent to 100.90 points. In the domestic equity market, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 7,695.00 crore, according to exchange data.