Rupee ends lower, volatility persists

Mumbai: The rupee pared initial gains and settled for the day 17 paise lower at 92.68 (provisional) against the US dollar on Friday, weighed down by risks from rising global tensions, especially the US-Iran conflict.

Forex traders said the rupee witnessed high volatility as the deadline for the RBI’s instructions to banks to curb their overnight positions to USD 100 million closes on Friday amid heightened geopolitical uncertainty. At the interbank foreign exchange market, the rupee opened at 92.58 against the US dollar, then lost ground to touch an intra-day low of 92.76 against the greenback.