Rupee settles 12 paise higher at 70.90 against US dollar

The rupee on Friday appreciated by 12 paise to settle at 70.90 against the US dollar on Friday on the back of firm domestic equities and easing crude oil prices.

At the interbank foreign exchange market, the rupee opened lower at 71.06 against the US dollar. During the day, the domestic unit fluctuated between a high of 70.87 and a low of 71.06.

On a weekly basis, the local unit gained 24 paise.

"Rupee continued to consolidate in a narrow range for the whole week and lack of cues on the domestic front kept the volatility low for the currency," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private Ltd.

Somaiyaa further said, "market participants will be keeping an eye on the EU meeting wherein it is expected to provide a date on pushing the Brexit deadline further. Fed meeting is scheduled next week and ahead of the meeting volatility for the dollar against its major crosses could be confined to a range".

Brent crude, the global oil benchmark, eased 0.10 per cent to USD 61.61 per barrel in futures trade.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 72.87 crore on Thursday, provisional exchange data showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.03 per cent to 97.66.

The 10-year government bond yield was at 6.50 per cent.

On the domestic markets front, the 30-share Sensex swung over 523 points before settling 37.67 points, or 0.10 per cent, higher at 39,058.06. The broader NSE Nifty closed at 11,583.90, up by just 1.30 points or 0.01 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.9338 and for rupee/euro at 78.9810. The reference rate for rupee/British pound was fixed at 91.6346 and for rupee/100 Japanese yen at 65.30.