The rupee fell to an intraday low of 85.10 against the US dollar and closed slightly stronger at 85.01.

The value of the Indian rupee fell to an all-time low on this day, but rose slightly to 85.01 per US dollar at the close due to the FTSE stock index rebalancing and the intervention of the Reserve Bank of India.

The rupee closed at 85.01/$1 after hitting an intraday low of 85.10/$1, slightly stronger than its previous close of 85.07/$1, according to LSEG data. The currency fell 0.2% on a weekly basis.

RBI’s intervention at the 85.10/$1 level helped prevent further decline in the rupee, traders said.

“The rupee rose slightly as FTSE rebalancing fund inflows of around $1 billion and the rupee rose to 85.01/$1 from a low of 85.1/$1 raised the possibility of RBI intervention,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors. .

The dollar index fell slightly to 108.2, down 0.2% from the previous day, falling from a two-year high.

Investors are now awaiting US personal consumption expenditures (PCE) data expected later on Friday. Interest in US PCE data has grown since the US Federal Reserve pointed to high inflation and downgraded its outlook for an interest rate cut in 2025.

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