The rupee declined by 7 paise to close at 82.86 (provisional) against the US dollar on Friday due to firm crude oil prices and steep losses in domestic stocks amid growing concerns about interest rate hikes.
A weak greenback in the global markets restricted the local unit’s losses, forex dealers said.
At the interbank foreign exchange market, the rupee opened marginally down at 82.81 against its previous close of 82.79. It moved in a range of 82.77 to 82.88 in the day’s trade.
The rupee finally finished at 82.86 against the US dollar, showing a loss of 7 paise over its last close.
Analysts said investors are concerned that strong US economic data will lead the Federal Reserve to double down on its interest rate hikes to control inflation.
Revised figures showed the US economy grew a lot more in July-September than initial projections, while jobless claims were less than expected last week. The Fed has already increased the…