The rupee on Friday climbed 11 paise to 69.23 against the US dollar on account of selling in American currency by banks and exporters.
The local currency opened at 69.33 against the previous close of 69.34 against the greenback.
The rupee advanced 20 paise in the previous trading session due to robust foreign inflows ahead of general elections.
The domestic currency in the previous four sessions has appreciated by 80 paise or 0.80 per cent on hopes of forex inflows.
The RBI recently plans to conduct the dollar-rupee buy-sell swap auctions on March 26th, it said, adding that the dollar amount mobilised through this auction would also reflect in RBI’s foreign exchange reserves for the tenor. The step is to curb the volatility and major appreciation of the currency.
“Today, USDINR pair is expected to trade range of 69.70- 68.10,” brokerage firm Motilal Oswal Financial ServicesNSE 0.55 % said.
Source: economictimes.indiatimes.com