After a day’s breather, the rupee on Friday fell by 9 paise to 67.64 per dollar on fresh demand for the American currency from banks and importers.
The local unit resumed lower at 67.65 per dollar as against Thursday’s closing level of 67.55 and dropped further to 67.73 before finishing at 67.64, showing a loss of 9 paise or 0.13%.
The rupee had gained by 52 paise or 0.76% Thursday.
The domestic currency moved in a range of 67.58 and 67.73 per dollar during the day.
In the global market, the US dollar steadied against its major rivals in early Asian trade, but remained on track for weekly losses, as investors braced for US employment figures later in the session over the latest clues on the outlook for the Federal Reserve’s monetary tightening path.
Crude oil prices advanced today, as US dollar weakness lent some support to prices despite fundamentals remaining weak.
Pramit Brahmbhatt of Veracity Financial Services said, “Despite positive global cues, the rupee opened on a negative note near 67.7 levels. But for the day, the rupee found support near 67.6 levels on back of strength in domestic equity market and ended at 67.64.
Trading range for spot USD/INR pair is expected to be within 67.2 to 68 levels.