The rupee opened at 79.55 in the interbank foreign exchange market and went up to a high of 79.30 and a low of 79.66 during the day’s trade. In the end, it slipped four paise to close at 79.56 per dollar against the previous closing price.
On Tuesday, the rupee had closed at a nearly two-week high of 79.52 per dollar. The forex market was closed on Wednesday on account of Ganesh Chaturthi.
Dilip Parmar, Research Analyst, HDFC Securities, said, “Indian rupee outperformed Asian currencies on the back of lower crude oil prices and dollar selling by exporters. Discussions about Russia buying the yuan and other currencies worth $70 billion also supported the Asian currencies.
He said that the rupee may trade in the range of 78.85 to 79.90 against the US currency in the short term.
Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, rose 0.20 per cent to 108.92.
Global oil standard Brent crude futures were down 1.54 percent at $ 94.17 per barrel.