Re Logs 10 Paise Gain To 83.55/$

Mumbai: The rupee stayed on the upward track for a record seventh straight session and settled 10 paise higher at 83.55 (provisional) against the dollar on Friday, as robust domestic equity markets and retreating crude oil prices boosted investors’ sentiment.

Forex traders said a weak greenback against Asian peers supported the Indian currency. They attributed the lower dollar index to investors’ shifting focus towards emerging market currencies after the US Federal Reserve reduced benchmark interest rate by 0.50 per cent. At the interbank foreign exchange market, the Indian currency opened at 83.63 and hit the intra-day high of 83.48 against the greenback. The unit touched the day’s low of 83.63 before settling at 83.55 (provisional) against the dollar, registering a gain of 10 paise from its previous close. The local unit gained 11 paise to settle at 83.65 against the US dollar on Thursday.

On Tuesday, it had appreciated 10 paise. The Forex market was closed on Wednesday due to a holiday declared by the Maharashtra government. The Indian currency has been on a recovery path since September 11 when it had settled at 83.99 against the American currency, a tad higher than the lowest level of 84.09 recorded on August 5. The rupee has gained 44 paise in the past seven consecutive sessions since September 12.