The Indian rupee recouped opening losses to end higher on Friday, despite weakness across regional peers, helped by possible intervention from the Reserve Bank of India (RBI) and dollar sales from foreign banks.
The rupee ended at 83.4700 to the U.S. dollar, up from 83.5375 in the previous session. The currency dropped to a record low of 83.5750 in early trading, but the RBI likely intervened in the onshore over-the-counter market and in non-deliverable forwards to curb further fall, traders said.
For the week, the rupee logged a second consecutive weekly decline, falling about 0.1%.