However, weakening of the American currency in the overseas market, and easing crude oil prices restricted the rupee's decline, forex traders. The rupee came under pressure following heavy selling in domestic equities amid outflow of foreign funds, they added.
India's economic growth will rebound from a five-year low this year, but would need a huge boost in spending and reforms to accelerate higher rate of expansion to double the economy's size to USD 5 trillion by 2024-25, the pre-Budget Economic Survey said Thursday.
The US dollar rose slightly in late trading on Wednesday as investors digested a batch of latest economic data. In late New York trading, the euro was down to $1.1278 from $1.1290 in the previous session, and the British pound decreased to $1.2576 from $1.2602 in the previous session, Xinhua news agency reported.
The rupee appreciated by 16 paise to 68.79 against the US dollar in opening trade Wednesday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.
The rupee Friday had settled at 69.46 to the US dollar.
Kochi-based Synthite Industries 46,000 sqm facility at Wucheng county in Dezhou in Shandong province was inaugurated by Indian Ambassador to China Vikram Misri along with local Chinese government officials.
The sector attracted FDI worth USD 6.7 billion in 2017-18. Services sector includes finance, banking, insurance, outsourcing, R&D, courier, tech testing and analysis.
Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and easing crude oil prices supported the rupee.
The rupee Friday had settled at 69.70 to the US dollar.
The rupee had settled 36 paise down at 70.02 against the US dollar in the previous session.
At the Interbank Foreign Exchange market, the domestic unit opened slightly up at 69.75 against the dollar then rose further to quote at 69.80, up 6 paise over its previous close.
The rupee opened at 70.36 the interbank forex market, then gained further ground to touch 69.44 per dollar, displaying gains of 79 paise against the greenback.
The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade Thursday amid heavy sell-off in domestic equity market and foreign fund outflows.
The rupee had appreciated by 19 paise to 69.37 against the US dollar Thursday.
The rupee had rebounded by 23 paise to close at 70.02 against the US dollar Friday.
A 10 per cent spike in crude prices can result in a 0.40 per cent widening of the CAD, which can consequently play out into a 3-4 per cent depreciation in the rupee and also push up inflation by 0.24 per cent, the ratings agency has said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 97.39.
On Tuesday the rupee had settled at 69.60 against the US dollar.
The rupee opened at 69.55 at the interbank forex market, then lost further ground and fell to 69.59, down 17 paise over its last close.
The rupee opened strong at 69.07 at the interbank forex market, then lost ground and fell to 69.24 down 7 paise over its last close.
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