Rupee Gains 9 Paise, Closes at 88.11 Against US Dollar

The Indian rupee appreciated by 9 paise to close at 88.11 (provisional) against the US dollar on Friday, aided by optimism over US-India trade negotiations and likely intervention by the Reserve Bank of India (RBI) to manage volatility.

At the interbank foreign exchange market, the domestic currency opened at 88.22 and fluctuated between an intraday low of 88.34 and a high of 88.06 before settling at 88.11, higher than its previous close.

Forex traders said the RBI’s presence in the market helped prevent sharp depreciation of the rupee amid global currency fluctuations. They added that positive signals on trade talks between New Delhi and Washington also lent support to the local unit.