Rupee dips to record intraday low of 85.10 vs US dollar, closes moderately stronger at 85.01
The rupee hit a low of 85.10/$1 during the day, before closing at 85.01/$1, slightly stronger than its previous close of 85.07/$1, LSEG data showed. The currency declined 0.2% on a weekly basis.
Intervention by the RBI at 85.10/$1 levels helped cap further depreciation in the rupee, traders said.
“The rupee gained a little due to FTSE rebalancing inflows of about $ 1 billion and likely RBI intervention as the rupee gained from a low of 85.1/$1 to 85.01/$1,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.
The dollar index was slightly lower at 108.2, down 0.2% from the previous day, retreating from a two year high.
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Investors now wait for the US personal consumption expenditure (PCE) data expected later on Friday. Focus on US PCE data heightened after the US Federal Reserve pointed to a high inflation and scaled back rate cut projections for 2025.
