Rupee rises 10 paise to settle at ₹87.78 against US dollar

The rupee appreciated 10 paise to close at ₹87.78 (provisional) against the US dollar on Friday, supported by optimism around India-US trade talks and a decline in global crude oil prices.

However, FII outflows, a stronger dollar against foreign currencies, and a weak sentiment in the domestic equity markets restricted sharp gains in the local unit, according to forex traders.

At the interbank foreign exchange, the rupee opened at ₹87.78 against the US dollar and traded in the range of ₹87.63-₹87.85 before settling at ₹87.78 (provisional), up 10 paise from its previous close.

The rupee appreciated 5 paise to close at ₹87.88 against the US dollar on Thursday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.10% higher at 99.03. Brent crude, the global oil benchmark, was trading lower by 0.11% at USD 65.92 per barrel in futures trade.

On the domestic equity market front, Sensex declined 344.52 points to settle at 84,211.88, while the Nifty was down 96.25 points to 25,795.15.

Foreign Institutional Investors sold equities worth ₹1,165.94 crore on Thursday, according to exchange data.