The rupee stayed on upward momentum for the sixth straight session on Friday and settled 7 paise higher at 94.92 (provisional) against the US dollar, backed by the Reserve Bank’s measures to curb spot dollar demand.
However, elevated crude oil prices and foreign fund outflows capped the rupee’s gains, according to forex traders. At the interbank foreign exchange market, the rupee opened at 94.75 against the American currency. In intraday trade, it touched a high of 94.71 and a low of 95.06 before settling at 94.92 (provisional), up 7 paise from the previous close. On Thursday, the rupee appreciated 18 paise to close at 94.99 against the US dollar.