Rupee Rises 6ps To 84.44/$

Mumbai: The rupee recovered from its all-time low level and appreciated 6paise to close at 84.44 against the US dollar on Friday, supported by positive domestic equities. Forex traders said the rupee is trading in a narrow range as the US dollar strengthened in the overseas market and Brent oil continued to move up as fighting between Ukraine and Russia continued to gain investors’ attention. Moreover, foreign institutional investors have continued their equities selling mode and kept the dollar well bid. At the interbank foreign exchange, the rupee opened at 84.48 and touched an intraday low of 84.50 against the greenback. The unit ended the session at 84.44 against the dollar, registering a rise of 6paise over its previous close. On Thursday, the rupee depreciated 8paise to settle at an all-time low of 84.50 against the US dollar. “Geopolitical tensions, portfolio outflows, and rallying US Dollar Index are likely to keep the domestic currency under pressure, though the RBI’s intervention is leading to a gradual and orderly decline,” Praveen Singh -- Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said. “The USD-INR pair is expected to rise to Rs 85 eventually and support is at Rs 84.25,” Singh said.