Amid a strong dollar abroad and a significant sell-off in stocks, the Indian rupee recovered early losses to close level at 79.84 (provisional) against the US dollar on August 22. However, lower crude oil prices aided the local unit, Forex dealers said.

The local currency at the interbank foreign exchange market opened weak at 79.90 and fluctuated throughout the session between 79.78 and 79.92. In the end, it was flat versus the dollar, closing at 79.84.

The dollar index, which measures the value of the dollar relative to a basket of six different currencies, increased 0.20% to 108.38.  The benchmark for world oil, Brent crude futures, fell 0.81% to $95.94 a barrel.

On the Indian share market front, the BSE Sensex closed 872.28 points or 1.46% lower at 58,773.87 on the local equities market, while the larger NSE Nifty slid 267.75 points or 1.51% to 17,490.70.

According to preliminary data, foreign institutional investors (FIIs) continued to be net buyers on the capital markets on Friday, buying shares worth 1,110.90 crore.

Gold: As the US dollar stayed strong and US bond yields rose, the appeal of gold as a safe haven diminished. Gold futures on the MCX were down for the fifth day in a row, almost reaching this month's low. They decreased 0.25% to 51,350 yen for every gramme. 

Futures for silver decreased 0.6% to 55,144 per kilogramme. Following an almost 3% decline the previous week, spot gold was down 0.1% at $1,746.06 per ounce on international markets. Spot silver increased 0.2% to $19.06 among other precious metals.

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