The Indian rupee on Friday closed marginally higher by 4 paise at 73.02 (provisional) against the US dollar, even as domestic equities continued their record-setting spree.
In the interbank forex market, the local unit opened at 73.05 against the greenback and saw intra-day highs of 73.01 and low of 73.15.
It eventually ended at 73.02 against the US currency, registering a gain of just 4 paise from its previous close.
On Thursday, the rupee had closed at 73.06 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01% to 92.23.
Dilip Parmar, Research Analyst, HDFC Securities, said, “Forex market trading activity was calm for the past two days as investors looked at today’s US labor market report and after a long weekend with some uneasiness as US markets hit Labor Day on Monday. The reason will be closed.” .
Parmar further said that the markets took the path of resistance with higher equities and lower dollar. The rupee marked its second weekly gain on strong inflows and higher equities.
The local currency has gained 67 paise against the US dollar on a weekly basis.
On the domestic equity market front, the BSE Sensex ended 277.41 points or 0.48% higher at 58,129.95, while the broader NSE Nifty ended 89.45 points or 0.52% higher at 17,323.60.
Global oil benchmark Brent crude futures rose 0.53% to $73.82 a barrel.
Foreign institutional investors were net buyers in the capital markets on Thursday as they bought shares worth Rs 348.52 crore, according to exchange data.
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