The rupee pared most of its initial losses and settled at 95.57 (provisional) against the US dollar, down by 5 paise, on Friday, helped by a correction in crude oil prices and suspected RBI intervention.
Forex traders said risk aversion in global markets and elevated crude oil prices are weighing on the rupee, which closed lower for the fifth consecutive session on Friday.
The rupee opened on a negative note but pared some losses on suspected RBI intervention, a slight recovery in domestic stock markets from the day’s lows and profit booking in crude oil prices at higher levels, traders said.
At the interbank foreign exchange market, the rupee opened at 95.70 against the US dollar and fell further to a low of 95.79. However, the local unit later pared losses to hit the day’s high of 95.51 before closing down by 5 paise at 95.57 (provisional) against the American currency.
“The Indian rupee extended its downward spiral… logging its steepest weekly loss since May 15 amid surging cr
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