Rupee at a kissing distance of 80 against US dollar

The rupee hit a record low of 79.94 against the US dollar on Friday, pressured by rising oil prices and firmness in the greenback. A positive trend in domestic equities, however, limited the downside in the rupee.

Global oil prices edged higher amid prospects of a less aggressive US rate hike, though concerns about a recovery in demand capped gains.

Brent futures climbed as much as 1.5 percent to $100.6 a barrel. West Texas Intermediate (WTI) futures followed suit, up 1.2 percent at at $96.9 a barrel.

The dollar index — which gauges strength in the greenback against six peers — climbed 0.1 percent to 108.6.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 rose amid gains across sectors.

The rupee had settled at a record closing low of 79.88 against the US dollar on Thursday.