Rupee rises 4 paise to 88.16 against dollar

Mumbai: The rupee appreciated 4 paise to close at 88.16 against the US dollar on Friday, supported by optimism on US-India trade negotiations.

Likely intervention by the Reserve Bank of India (RBI) also helped the domestic unit in controlling volatility and preventing a quick depreciation, forex traders said.

At the interbank foreign exchange, the rupee opened at 88.22, then touched an intraday low of 88.34 and a high of 88.06 against the greenback.

The domestic unit finally settled at 88.16, higher by 4 paise over its previous close.

On Thursday, the rupee depreciated 35 paise to close at 88.20 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.17 per cent to 97.51.

Brent crude, the global oil benchmark, was trading 0.59 per cent lower at $67.04 per barrel in futures

trade.

Foreign Institutional Investors bought equities worth Rs 366.69 crore on a net basis on Thursday, according to exchange data.

Meanwhile, trade talks between India and the US are progressing and are moving in the right direction, Commerce and Industry Minister Piyush Goyal said on Thursday.