Rupee rises 13 paise to 83.40 against US dollar

Mumbai: The rupee appreciated 13 paise to 83.40 against the US dollar on Friday, in line with a firm trend in domestic equity markets after the RBI kept the key policy rate unchanged.

A weak American currency against major crosses overseas and lower crude prices in international markets also supported the local currency, forex traders said.

However, foreign fund outflows restricted the upward movement in the rupee, they added.

At the interbank foreign exchange market, the local unit opened strong at 83.46 and moved in the range of 83.48 to 83.37 against the greenback.

The unit finally settled at 83.40 against the dollar, registering a gain of 13 paise from its previous close.

On Thursday, the rupee settled 9 paise lower at 83.53 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent lower at 104.03.

Foreign investors were net sellers of Indian equities on Thursday as they offloaded shares worth Rs 6,867.72 crore on a net basis.