Rupee rises 1 paisa to 83.72 against dollar

Mumbai: The rupee settled 1 paisa higher at 83.72 against the US dollar in a range-bound trade on Friday, as gains from a weak American currency were offset by a massive sell-off in domestic equity

markets.

The Indian currency resisted the fall due to a sharp decline in the dollar after the latest US data showed slower manufacturing growth in the world’s largest economy, forex traders said.

Foreign capital inflows also favoured the local currency, they said.

At the interbank currency exchange, the domestic currency opened at 83.74 and traded in the narrow range of 83.72 and 83.76 against the greenback during the session.

The unit finally settled at 83.72 against the dollar, registering a rise of 1 paisa from the previous closing level.

On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.27 per cent to 103.92.