Rupee gains six paise against dollar to close at 84.44 – Times of India-OxBig News Network

MUMBAI: The rupee closed higher on Friday at 84.44, gaining six paise from Thursday’s close of 84.50, though it closed marginally lower for the week. A rebound in the equity markets offered some support, but the currency faced pressure from global factors including the strengthening of the dollar and geopolitical tensions.
Reuters reported that RBI had called banks to ask them to liquidate long dollar positions in a bid to reduce speculative positions with the currency at a record low. The dollar index climbed to a two-year high of 108.09 before settling at 107.69, up 0.5%. The greenback’s strength was driven by weak economic data from Germany and the UK, which weakened the euro and the British pound.
At the interbank forex market, the rupee opened at 84.48, touched an low of 84.50, and ended the session at 84.44, rising 6 paise from its previous close. On Thursday, the rupee had depreciated by 8 paise to hit an all-time low of 84.50.