The rupee pared initial losses and edged up 7 paise to close at 85.55 against the United States dollar on Thursday, following a weak greenback against major crosses overseas and a decline in US treasury yields.
Forex traders said the dollar declined on weaker-than-expected ADP Non-Farm Employment data from the US.
While a decline in crude oil prices supported the local unit, a muted trend in domestic equities capped sharp gains for the local unit, they said.
At the interbank foreign exchange, the domestic unit opened at 85.69 against the American currency and touched an intra-day high of 85.19 and a low of 85.70 during the session.
The local unit finally settled at 85.55, up by 7 paise compared to its previous closing price. -- PTI
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