Rupee settles 9 paise up at 71.20 against US dollar

The Indian rupee appreciated 9 paise to close at 71.20 against the US dollar on Friday, a day after the RBI kept key policy rate unchanged and decided to continue with its accommodative stance to support the economy.

Investor sentiments strengthened after the Reserve Bank of India signalled to continue with accommodative stance, while easing crude oil prices also supported the domestic currency, forex traders said.

However, heavy selling in domestic equities weighed on the domestic unit and restricted the gains, they added.

At the interbank foreign exchange market, the local unit opened at 71.30 and shuttled between a high of 71.19 and a low of 71.43. It finally finished at 71.20, lower by 9 paise.

The domestic unit had settled at 71.29 against the US dollar on Thursday.

The local unit registered a gain of 54 paise this week.