The rupee ended almost flat at 74.93 against the US dollar on Friday due to a caution prevailing in the forex market in view of mounting coronavirus cases and US-China trade tensions.
Starting off on a tepid note, the rupee fell to a low of 75.04, but recovered slightly thereafter and moved in a narrow band throughout the session.
It finally settled at 74.93, gaining 1 paisa over its previous close. On Thursday too, the rupee had closed steady after the Reserve Bank maintained a status quo in its policy rates.
Meanwhile, the US dollar index, which gauges the value of the greenback against a basket of key global currencies, rose 0.32 per cent to 93.08. Analysts said forex market sentiment was mainly guided by growing US-China trade tensions and mounting coronavirus cases in the country. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services: "The risk-off mood due to US-China trade war and coronavirus concerns have kept USDINR spot above the crucial support of 74.75.
Also, it is respecting the immediate resistance of 75.20, only sustained FII selling from equity segment will push the USDINR spot higher."