Mumbai: The Indian rupee reversed its intra-day losses to close almost flat at 74.24 against the US dollar on Friday, tracking a strong rally in domestic equities.
Besides, a weak American currency against its major rivals and lower crude prices also helped the rupee to recover.
At the interbank forex market, the local unit opened weak at 74.27 against the US dollar and remained in the negative territory for most of the session. However, towards the fag-end of the session, the local unit recovered all its losses.
The rupee witnessed an intra-day high of 74.24 and a low of 74.32 during the session. It finally ended at 74.24 against the American currency, registering a gain of 1 paisa over its previous close.
“The Indian rupee ended flat against the dollar on Friday. However, the local unit depreciated against the dollar this week after comments from Federal Reserve officials indicated that the US central bank could soon look to wind back its ultra-loose monetary policy,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said. For the week, it weakened by 0.1 per cent, he added.