Rupee shines like a diya as dollar dims, crude cools

Mumbai: The rupee surged 52 points to close at 93.89 (provisional) against the US dollar on Friday, as a softer US dollar coupled with declining crude oil prices and easing concerns over import costs supported investor sentiments.

Forex traders said a surge in domestic markets and fears of a slowdown in AI spending also supported the rupee. At the interbank foreign exchange market, the rupee opened at 94.50 and touched an intraday high of 93.82 and a low of 94.50.

The domestic unit closed the session at 93.89 (provisional), registering a gain of 52 paise over its previous close. On Thursday, the rupee settled 5 paise higher at 94.41 against the US dollar. “We expect the rupee to trade with a positive bias on strength in domestic markets and rising FII inflows.