The rupee fell 10 paise to 95.55 against the US dollar in early trade on Friday, weighed by FII outflows and sustained disruptions in global crude oil supplies.
However, a marginally weaker greenback and a fall in global crude oil prices to levels below USD 90/barrel prevented a sharper decline in the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 95.54 against the greenback before slipping further to 95.55, down 10 paise from its previous close.
The rupee pared initial gains and settled for the day lower by 1 paise at 95.45 against the US dollar on Thursday.
“The rupee is expected to be in a narrow range of 95.40 to 95.60 (on Friday) with the Reserve Bank of India (RBI) protecting the upper end, while the lower end is bought by oil importers, month-end demand and importers,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Forex traders further said market participants will closely monitor US
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