The Indian rupee ended a three-day losing trend on Friday, rising 5 paise to 75.04 against the US dollar, on anticipation of increased dollar inflows from impending IPOs.The rupee's recovery, however, was limited due to weakness in local equities, according to analysts.
Geopolitical worries, rising crude oil prices, and the Federal Reserve's hawkish stance all weighed on the local currency, according to forex brokers.
The rupee opened at 75.12 per dollar on the interbank foreign currency market, with an intra-day high of 74.88 and a low of 75.13. The native currency ended the day at 75.04 against the US dollar, up 5 paise from its previous finish of 75.09. Meanwhile, the US dollar index increased 0.11 percent to 97.35, measuring the strength of the greenback versus a basket of six currencies.
The local currency has lost 61 paise in value versus the US dollar this week. Brent crude prices rose 0.49 percent to $89.78 a barrel, the global oil benchmark.
The BSE Sensex fell 76.71 points, or 0.13 percent, to 57,200.23, while the broader NSE Nifty down 8.20 points, or 0.05 percent, to 17,101.95. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs.6,266.75 crore.
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