The rupee appreciated by 14 paise to close at 86.59 against the US dollar on Friday, helped by a fall in global crude oil prices, a weaker dollar overseas, strong domestic equities and sustained foreign fund inflows.
At the interbank foreign exchange market, the rupee opened at 86.65 and moved in a narrow range of 86.55 to 86.67 before settling at 86.59 (provisional), marking a recovery from Thursday’s over two-month low close of 86.73. The rupee had declined 69 paise over the past three sessions, PTI reported.
According to forex traders, the local currency was buoyed by softening oil prices after President Donald Trump signalled a two-week window for deciding on potential US involvement in the Israel-Iran conflict. “The local currency was comforted by a dip in oil prices after the White House said President Donald Trump will decide in the next two weeks whether the US will get involved in the Israel-Iran war,” said Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers.