The Indian rupee closed flat after weakening to a record low of Rs 83.99 against the dollar. It had opened flat on Thursday, ahead of the release of the Reserve Bank of India policy statement.
The local currency ended flat at Rs. 83.96 having depreciated from the opening of Rs 83.94 against the greenback. The Indian unit had closed at Rs 83.95 on Wednesday.
"Indian rupee as usual was resilient after the RBI policy as it was well protected near 83.96 by RBI for the present but the dollar was well bid keeping the pair in a small range of 83.92-97 with 90% of the time near 83.95/96. The rupee is expected to remain in the range of 83.85/84.05 tomorrow," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP said.
The Reserve Bank Of India's repo rate was kept unchanged at 6.5% by the Monetary Policy Committee for the eighth time in a row.
"As usual there was no future guidance but the Governor said they are watchful of future data particularly on Food inflation although India is generally reselient to external shocks,"Bhansali said.
The US Dollar Index was at 103.10 and Brent Crude was at $77.84 per barrel.
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