The rupee consolidated in a narrow range and depreciated by 8 paise to close at 82.93 against the US dollar on Friday, tracking a strong American currency and muted trend in domestic equities. Forex traders said the Indian currency depreciated as foreign fund outflows weighed on the rupee.
At the interbank foreign exchange market, the local unit opened at 82.87 and finally settled at 82.93 against the dollar, down by 8 paise from its previous close.
During the day, the rupee witnessed a range-bound movement. It saw an intra-day high of 82.84 and a low of 82.96 against the American currency. On Thursday, the rupee had settled at 82.85 against the US dollar.
The Indian rupee depreciated on Friday on dollar demand from importers. Elevated crude oil prices also weighed on the rupee, said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.05 per cent up at 104.00.