Rupee settles 4 paise higher at 73.02 against US dollar

The Indian rupee settled with a marginal gain of 4 paise at 73.02 against the US dollar on Friday, even as the domestic equities continued their record-setting spree.

At the interbank forex market, the local unit opened at 73.05 against the greenback and witnessed an intra-day high of 73.01 and a low of 73.15.

It finally ended at 73.02 against the American currency, registering a gain of just 4 paise over its previous close.

Every week, the local currency has appreciated by 67 paise against the US dollar.

According to HDFC Securities' Dilip Parmar, spot USD/INR facing resistance around 73.15 and holding support at 72.90.

''Expectations of dollar inflows from many corporates' fundraising also weighed on the pair. In the near term, spot USDINR is expected to consolidate before heading towards 72.70 while on the higher side 73.60 will remain the biggest hurdle to cross,'' Parmar noted. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.01 percent to 92.23.

On the domestic equity market front, the BSE Sensex ended 277.41 points or 0.48 percent higher at a lifetime high of 58,129.95, while the broader NSE Nifty advanced 89.45 points or 0.52 percent to close at a record 17,323.60.

Brent crude futures, the global oil benchmark, rose 0.53 percent to USD 73.82 per barrel.

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 348.52 crore, as per exchange data.