MUMBAI: The Indian rupee slipped to its all-time low on Friday before turning course to end modestly higher, aided by likely dollar inflows, although its losing steak persisted into a seventh straight week.
The rupee closed at 85.0150 against the US dollar, up from its close at 85.07 in the previous session, after hitting a low of 85.10 earlier in the session. The currency declined 0.2% week-on-week.
Intervention by the Reserve Bank of India supported the rupee early in the day, traders said, and it was also aided by strong dollar offers from foreign banks in the latter half of the session, likely related to the rebalancing of FTSE’s equity index.
Routine interventions by the central bank curbed sharp depreciation pressure on the rupee this week as it weakened below the psychologically important 85 level.
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