The Indian rupee recorded a fresh closing low against the US dollar on Friday, amid a continuing selloff in domestic stocks and is likely to remain in a tight range, according to analysts.
The domestic currency closed flat at 84.0737 on Friday, according to Bloomberg data. The Indian unit closed at 84.07 against the greenback on Thursday.
The Indian rupee was in a small range of 3 paise for the entire day as equities were sold off in the beginning of the session, but managed to gain towards the end after being oversold, said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.
FPIs, who were sellers yesterday to the tune of Rs 7,500 crore, would have also been sellers today and would have been buying dollars to fund their equity sales, he said.
