Mumbai: The rupee rebounded from its all-time low to close 4 paise higher at 88.72 (provisional) against the US dollar on Friday, tracking a weak greenback against major currencies overseas & a drop in global oil prices.
Unabated foreign fund outflows and risk-off sentiment in the domestic equity market prevented a sharp rise in the local unit, while hopes of a breakthrough in the India-US trade talks supported the domestic currency, forex traders said.
At the interbank foreign exchange, the rupee opened at 88.72 and traded in a narrow range of 88.67-88.73 before settling at 88.72 (provisional), 4 paise higher than its previous close.
The rupee had slipped 1 paisa to close at a fresh lifetime low of 88.76 against the American currency on Thursday.