The Indian rupee erased early gains and settled 17 paise lower at 92.68 (provisional) against the US dollar on Friday, weighed down by rising global tensions, particularly the US-Iran conflict.
Forex traders noted heightened volatility during the session, as the deadline for the Reserve Bank of India’s directive to limit banks’ overnight open positions to USD 100 million came into effect amid geopolitical uncertainty.
At the interbank foreign exchange market, the rupee opened at 92.58 per dollar, touched an intra-day high of 92.41, and later slipped to a low of 92.76 before closing weaker.