Hence, we are having days of range-bound trading activity," Banerjee said. Most of the other factors like oil prices and equity markets are mostly mixed.
"USDINR is caught between the two kinds of forces. On one hand the US Dollar index is trading at a fresh 52-week high, but on the other hand, Asian currencies are strengthening against the US Dollar. According to Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities there is a lack of direction in prices, due to a lack of dominant triggers. On a weekly basis, the rupee settled on a flat note. The local unit moved in a range of 74.36 to 74.54 in the day trade. At the interbank forex market, the local unit opened at 74.36 against the greenback and later settled at 74.45, higher by 7 paise over its previous close of 74.52. Besides, lower crude prices in the international market also supported the local unit, forex dealers said. Mumbai, Nov 12 (PTI) The rupee strengthened by 7 paise to close at 74.45 against the US dollar on Friday, as a firm trend in domestic equities boosted investor sentiments.