Rupee rises to settle at 83.30 against U.S. dollar

Rupee rises 7 paise to 83.30 vs USD on strong macro data, easing crude prices. Equity markets, global crude price retreat, OPEC+ output decision, domestic manufacturing PMI, FII inflow, GDP growth & infra output data boost local currency.

The rupee appreciated 7 paise to settle at 83.30 (provisional) against the U.S. dollar on Friday, following positive cues from equity markets and strong domestic macroeconomic data.

Forex analysts said easing crude oil prices in the international markets also favoured the local currency.

Global crude price retreated from the level of $84 to $80 per barrel as oil-producing countries' grouping OPEC+ agreed not to reduce output in 2024, they added.

At the interbank foreign exchange, the rupee opened stronger at 83.29 against the dollar and traded between the peak of 83.25 and the lowest level of 83.36 against the American currency intra-day.

It finally settled at 83.30 (provisional) against the greenback, registering a gain of 7 paise over the previous close.

The rupee settled 5 paise lower at 83.37 against the dollar on Thursday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19% lower at 103.30 on Friday.