On Thursday, the rupee had settled with gains of 28 paise at 71.84.The rupee on Friday moved in a range of 71.67-71.89 against the US dollar in morning session.
The rupee opened lower at 71.87 against the greenback, but soon turned positive.
The domestic currency rose as much as 17 paise by early morning deals.
At 9:39 am, the rupee traded at 71.68 against the greenback.On Thursday, the rupee had settled with gains of 28 paise at 71.84.The rupee has witnessed a significant decline since the start of this year amid sustained foreign fund outflows and weak macroeconomic environment.According to news agency Reuters, the rupee will not regain ground lost against the dollar in the coming year.
After gaining about 2 per cent following a victory in the general election by the incumbent government late in May, the rupee has lost nearly 6 per cent since July 5 budget when a surcharge on foreign investments was introduced."Rupee is expected to follow movement of Chinese currency as it has been doing since August month," said VK Sharma, head PCG - capital markets strategy, HDFC Securities.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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