Mumbai: The rupee is higher at 59.1900/1950 compared with its Thursday close of 59.33/34, tracking gains in local equities, but the pair came off lows after traders said the RBI was spotted buying dollars starting around 59.1375 rupee levels through state-owned banks.
The pair stays weak, tracking strength in domestic equities on the back of foreign inflows and gains in Asian currencies against the dollar. Local equities gain after European central bankers boosted world markets on Thursday by rolling out sub-zero interest rates and other anti-deflation measures.
Foreign portfolio investors bought shares worth 13.69 billion rupees on Thursday, their fourth straight session of purchases, provisional exchange data showed. The pair is expected to hold in a 59.00 to 59.30 range during the session.
