Rupee Closes Unchanged at 95.89 Despite Initial Gains

The Indian rupee closed unchanged at 95.89 against the US dollar on Friday after initially gaining some ground, according to market traders. The rupee's performance was influenced by the strength of the American currency and a mix of positive factors in India's domestic markets.

Forex traders noted that the rupee's initial gains were wiped out due to a strong dollar. However, they also pointed out that domestic equity markets and lower crude oil prices supported the Indian currency.

The rupee had opened at 95.75 and reached an intraday high of 95.71 before settling back at 95.89, which is its previous closing level. This comes after the local unit ended 2 paise higher against the US dollar on Thursday but declined by nearly 1.5% in the preceding eight sessions.

According to Anuj Choudhary, a Research Analyst at Mirae Asset Sharekhan, traders may take cues from upcoming industrial production data in the US. He also predicted that the USD-INR spot price is expected to trade within a range of 95.65 and 96.15.