Rupee gains 11 paise to end at 1-week high

Mumbai: The rupee appreciated by 11 paise to settle at over one-week high of 74.16 against the US dollar on Friday, supported by positive domestic equities and sustained foreign fund inflows.

At the interbank forex market, the domestic unit opened at 74.15 against the US dollar and touched a high of 74.09 and a low of 74.21 in the day trade. It finally settled at 74.16 against the greenback, registering an increase of 11 paise over its previous close.

The rupee had settled at 74.27 against US dollar on Thursday. "The rupee is currently drawing a lot of support from equity inflows and the fact that the dollar globally is on the backfoot," said Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking. Sachdeva further said that going forward, the rupee has scope to further appreciate till 73.80. However, beyond that, the RBI would step in to curtail its move, while dollar index may also rebound given the uncertain growth outlook in the US.