The rupee rebounded against the greenback on Friday as the dollar index declined following positive economic data from the US. The rupee opened 13 paise higher at 85.66 against US dollar.
The domestic unit settled 7 paise weaker at 85.78 against greenback on Thursday, according to data on Bloomberg.
US GDP grew 2.4% in October–December, compared to 2.3% analysts were expecting. However, growth percentage is less than 3.1% growth recorded in the preceding quarter, data from the Bureau of Economic Analysis said. Meanwhile, unemployment claims fell 1,000 to 224,000 for the week ended March 24, against expectation of 225,000 claims, per a Reuters poll.
The dollar index, which measures the strength of the greenback against six major currencies across the globe, declined 0.46% to 104.1 on Thursday. It was trading 0.06% down at 104.28 as of 8:54 a.m.
Crude oil prices snapped a one-week gaining streak in Asia session. The oil future prices were rising steadily as concerns over US trade policies weighed on commodity's demand outlook.
The crude oil future prices were trading 0.03% higher at $74.05 a barrel as of 8:46 a.m.
"For the day, we expect a range of 85.60/86.00 as we close today the week, month, quarter and year. There is a host of data to be released on 31st which is otherwise a holiday, particularly the Current Account data of last quarter. Exporters to wait for better levels to sell," said Anil Kumar Bhansali, head, treasury and executive director, Finrex Treasury Advisors LLP.
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