The rupee slipped just one paisa to settle almost flat at 88.70 against the US dollar on Friday, as weak domestic equities and a firm American currency in overseas markets offset the gains from lower crude oil prices.
At the interbank foreign exchange market, the rupee opened at 88.60 and touched a high of 88.59 and a low of 88.78 against the greenback during the session. The local unit finally settled at 88.70, one paisa lower than its previous closing level.
On Thursday, the rupee crashed 47 paise to settle at 88.69 against the US dollar after US Federal Reserve Chair Jerome Powell flagged concerns about inflation staying above the target level and uncertainties in the labour market, trimming hope for a further rate cut in the December policy.
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