The Rupee traded at 82.3500 per US dollar on Friday as compared to 82.3450 in the previous session and down less than 0.1 per cent from 82.3200 in the prior week, according to a Reuters report.
The Indian currency reached a record low against US Dollar this week but managed to recover much of its losses thanks to timely intervention of the Reserve Bank of India. The apex Bank intervened heavily on Monday and Tuesday and sporadically on other days, experts said.
These interventions were not on spot basis but on forward basis. The RBI sold Dollars in spot and conducted buy/sell swaps to push the delivery of dollars to a future date.
Globally, the focus remained firmly on how high and how fast US interest rates are likely to reach. The higher than expected US inflation data on Thursday makes it certain that the US Federal Bank will raise rates by 75 basis point again in November.
