The Indian rupee weakened by 7 paise to settle at 88.27 against the U.S. dollar in early trade on Friday, as a rebound in the greenback weighed on the domestic currency.
Forex traders noted that the recovery in the U.S. dollar index limited gains for the rupee. Additionally, renewed concerns over possible U.S. tariffs on Indian goods hurt investor sentiment and triggered cautious trading.
Market participants said that while foreign capital inflows into equities supported the rupee to some extent, the broader sentiment remained under pressure due to global trade worries and firm U.S. Treasury yields.
The rupee had closed at 88.20 against the dollar in the previous session. Analysts expect the currency to trade in a narrow range in the coming days, with a close watch on U.S. economic data releases and policy signals from the Federal Reserve.
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