At the interbank forex market, the local unit opened at 79.76 against the greenback but later lost ground to touch the psychological low mark of 80.00 against the American currency.
The local unit recovered some lost ground and closed at 79.97 (provisional), registering a fall of 15 paise over its previous close.
The rupee on Friday rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency.
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Choudhary further said that the rupee is likely to trade with a positive bias of rise in risk appetite in global markets and weakness in US Dollar. Improved global risk sentiments may also support the rupee.
"However, pullback in crude oil prices and continued selling pressure by FIIs my cap sharp gains in the rupee. USDINR spot price is expected to trade in a range of Rs 79.20 to Rs 80.80 in next couple of sessions," Choudhary said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.50 per cent down at 107.52.
Brent crude futures, the global oil benchmark, jumped 2.06 per cent to USD 103.24 per barrel.
On the domestic equity market front, the
Foreign institutional investors remained net sellers in the capital market on Friday, offloading shares worth Rs 1,649.36 crore, as per exchange data.
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