The rupee made a smart recovery against the United States currency after a three-day straight fall and ended higher by 16 paise at 67.29 on fresh bouts of dollar selling by banks and exporters.
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Indian rupee entered the consolidation mood on Friday, as traders turned cautious ahead of the key U.S. jobs data due later in the day, which will offer an indication of whether the Federal Reserve will pull the trigger in June.
The domestic currency had opened a tad higher at 67.24 from yesterday’s closing level of 67.26 at the Interbank Foreign Exchange (Forex) market on bouts of dollar selling from banks and exporters. An oscillation was seen during the early trade as it registered intra day high and low at 67.16 and 67.23 respectively, they added.
The rupee had appreciated 14 paise against the American currency to end at a one-week high of 67.03 on Friday on the back of robust dollar inflows in equities.
Core infrastructure sectors also grew at an over four-year high rate of 8.5 per cent in April.
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Meanwhile, the RBI fixed the reference rate for the dollar at 67.2533 and euro at 75.3035. Further, weakness in the dollar index ahead of the employment figures from the USA led to positive movement in the currency.
