- Tag results for rupee rate
Meanwhile, the benchmark BSE Sensex climbed 19.16 points, or 0.05 per cent, to trade at 35,775.42 in early trade Thursday.
The rupee had closed 7 paise lower against the greenback Friday at 71.23. On a weekly basis, it had registered a loss of 8 paise.
The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption.
Shares of ICICI Bank too rallied 4 per cent ahead of its quarterly results, scheduled to be released later in the day.
Forex traders said strengthening of the US dollar against some currencies overseas and sustained foreign fund outflows weighed on the local unit.
The rupee Friday weakened by 10 paise to close at 71.17 against the US dollar.
At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.49, but soon appreciated to 70.32 against the greenback, up 14 paise over its previous closing price.
The global benchmark Brent crude was trading higher by 0.13 per cent at 56.02 per barrel.
On Tuesday, the rupee had appreciated 34 paise to 69.43 against the American currency.
Though rupee found its feet in December, a host of risks — domestic and global — may keep it on the cliff and continue to puzzle market watchers by its indirection in 2019.
Traders said the US dollar's strength against some currencies overseas and a lower opening in the domestic equity markets also weighed on the local unit.
Forex dealers said weakness in the dollar against some currencies overseas and a higher opening of domestic equity markets gave some support to the rupee.
The rupee had lost 26 paise to close at 73.83 Monday after crude prices rose amid intensifying geopolitical tensions.
A spurt in dollar demand from importers amid sustained foreign fund outflows also weighed on the rupee.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.