Rupee pares initial losses to close 11 paise up at 74.12 against US dollar

The Indian rupee on Friday broke its five-session losing streak to settle 11 paise higher at 74.12 against the US dollar, tracking strength in global currencies against the greenback.

At the interbank foreign exchange market, the local unit witnessed heavy volatility.

It opened on a negative note at 74.33 per dollar as against its previous close of 74.23.

It hovered in the range of 74.11 to 74.35 per dollar during the day before ending at 74.12 against the American currency.

On a weekly basis, the rupee has fallen by 44 paise against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.15 per cent to 94.08.

Global oil benchmark Brent crude futures fell 0.49 per cent to $77.93 per barrel.

The rupee traded with gains on the back of strength in global currencies and weakness in the dollar index, Jateen Trivedi, Senior Research Analyst at LKP Securities, said adding that crude prices hovered with some profit-booking from the top helped rupee gains.

"Whereas China power shortages and reality company Evergrand's financials issues indirectly divert vision of investment to Indian markets. The rupee has strength near 74.50 which will act as resistance for USD/INR pair going ahead,” he said.

On the domestic equity market front, the BSE Sensex ended 360.78 points or 0.61 per cent lower at 58,765.58, while the broader NSE Nifty declined 86.10 points or 0.49 per cent to close at 17,532.05.

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