Mumbai: The rupee stayed on the upward track for a record seventh straight session and settled 13 paise higher at 83.52 against the dollar on Friday, as robust domestic equity markets and retreating crude oil prices boosted investors’ sentiment.
Forex traders said a weak greenback against Asian peers supported the Indian currency. They attributed the lower dollar index to investors’ shifting focus towards emerging market currencies after the US Federal Reserve reduced benchmark interest rate by 0.50 per cent.
At the interbank foreign exchange market, the Indian currency opened at 83.63 and hit the intra-day high of 83.48 against the greenback.
The unit touched the day’s low of 83.63 before settling at 83.52 against the dollar, registering a gain of 13 paise from its previous close.
The local unit gained 11 paise to settle at 83.65 against the US dollar on Thursday. On Tuesday, it had appreciated 10 paise.
The rupee has gained 44 paise in the past seven consecutive sessions since September 12.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was up marginally by 0.18 per cent to 100.50.