Rupee rises 17 paise to close at 85.41 against US dollar

The rupee pared its initial losses and settled for the day higher by 17 paise at 85.41 (provisional) against the US dollar on Friday, as likely intervention by the Reserve Bank of India helped contain excess depreciation of the rupee.

- AGENCIES

Forex traders said the rupee opened on a weak note on the escalation of hostility between India and Pakistan; however, RBI intervened to prevent major weakness.

At the interbank foreign exchange, the domestic unit opened at 85.88 and moved between the intra-day high of 85.32 and the low of 85.88 against the greenback. The unit ended the session at 85.41 (provisional), registering a gain of 17 paise over its previous closing level.

On Thursday, the rupee saw its steepest single-day fall in more than two and a half years and settled 81 paise lower at 85.58 against the US dollar on Thursday, weighed down by heightened geopolitical tensions between India and Pakistan.