Rupee appreciates to 81.12 vs dollar

Rupee ended 24 paise higher from its previous close at 81.12 vs dollar. Earlier in the session the currency gained by 10 paise to 81.26 vs dollar amid steadiness in the value of greenback against a basket of six peers. Crude oil benchmarks traded higher on Friday. The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was trading nearly flat at 101.9.

Crude oil prices rose on Friday building on gains from previous session, amid optimism that US Fed will end its tightening cycle. Brent crude futures were trading 0.4 percent higher at $86.5 per barrel at the last count. WTI futures, too, were trading 0.6 percent lower at $81.1 per barrel at the last count.

"USD weakness and stronger EM currencies against USD suggest that the RBI could shift its intervention zone yet again from 81.00 to 80.50 or below levels. Overall, support for the pair lies right at the current opening of 81.20-25 levels. If that is taken out convincingly then 81 and 80.80 over the short term and 80.50 over the medium term can not be ruled out," said Amit Pabari of CR Forex.