Rupee rises 6 paise to settle at 95.39 against US dollar

The rupee rose 6 paise to settle at 95.39 (provisional) against the US dollar on Friday on the back of a fall in global crude oil prices and intervention by the Reserve Bank of India. However, a marginally stronger greenback and FII outflows kept the local unit under pressure, forex traders said. At the interbank foreign exchange, the rupee opened at 95.54 against the greenback and traded in the range of 95.31-95.57 during the session. It eventually settled at 95.39 (provisional), up 6 paise from its previous close. The rupee pared initial gains and settled for the day lower by 1 paise at 95.45 against the US dollar on Thursday. “Rupee appreciated from the forenoon trades where it had dipped to 95.55 level. RBI is intervening in the market to stem any significant depreciation in rupee. Better-than-expected flows under the FCNR(B) scheme, which has crossed $65 billion is contributing to the strength in the rupee,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.