The Indian rupee closed 4 paise lower at 83.27 against the US dollar on Friday due to increased dollar demand from local companies and a weak domestic equity market.
The dollar index, measuring the greenback against six currencies, fell by 0.22% at 104.12. For the week, the rupee remained steady between 83.01 and 83.33. Despite lower US Treasury yields, a weaker dollar, and reduced oil prices, the rupee has been slow to respond.
Analysts suggest the rupee may continue consolidating but could eventually trend lower. Brent crude futures rose to $78.13 per barrel after hitting four-month lows.