The rupee rose by 50 paise to end at 72.50 against the dollar on Friday, on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the $70 per barrel mark.
The dollar weakened following the US midterm election results, which showed Democrats wresting control of the House of Representatives from the ruling Republican party. However, it later staged a recovery after the US Fed kept interest rates unchanged but indicated a hike next month.
Forex traders said the rupee’s rise was supported by dollar-selling by exporters and banks, and the greenback’s weakness against some currencies overseas.
At the Interbank Foreign Exchange (forex) market, the rupee opened on a firm note at 72.68 from Tuesday’s close of 73. It climbed to a high of 72.45, driven by dollar selling by exporters, but ceded some ground to finally end at 72.50, up 50 paise over its last close.
The rupee had rebounded by 12 paise to end at 73 per US dollar on Tuesday.