MUMBAI: The rupee pared its initial gains to settle 8 paise lower at 85.56 (provisional) against the US dollar on Friday, as volatility in domestic equities and recovering global crude prices pressured the local currency.
However, a steady inflow of foreign funds supported the domestic unit even as investors stayed cautious, awaiting domestic GDP data to be released later in the day, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 85.35 and moved between the intra-day high of 85.25 and the low of 85.64 against the greenback. The unit settled the day at 85.56 (provisional), registering a loss of 8 paise from its previous close.
