Rupee rises 10 paise to close at ₹88.69 against US dollar

The rupee appreciated 10 paise to close at ₹88.69 (provisional) against the US dollar on Friday, on strength in the domestic markets and broad weakness in crude oil prices.

Forex traders said the rupee gained on strong domestic markets and overnight decline in commodity prices.

Intervention by the central bank also supported the domestic currency. However, a strong US dollar capped sharp gains, they added.

At the interbank foreign exchange, the rupee opened at ₹88.80 and traded in the range of ₹88.50-₹88.80 before settling at ₹88.69 (provisional), 10 paise higher than its previous close.

On Thursday, the rupee closed at ₹88.79 against the greenback.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21% lower at 99.32, as safe-haven demand for dollars continues keeping the dollar well bid.

Brent crude, the global oil benchmark, was trading lower by 0.61% at USD 64.85 per barrel in futures trading.

On the domestic equity market front, the benchmark sensitive index Sensex advanced 328.72 points, up 0.40% to 82,500.82, while the Nifty climbed 103.55 points or 0.41% to 25,285.35.

Meanwhile, Foreign Institutional Investors bought equities worth ₹1,308.16 crore on Thursday, according to exchange data.