Indian rupee ends mildly higher

MUMBAI: The Indian rupee closed slightly higher on Friday aided by a rise in its Asian peers but dollar demand from state-run banks limited gains.

The rupee closed at 83.4225 against the US dollar on Friday, up from its close at 83.47 in the previous session. The local currency was down about 0.1% week-on-week.

Asian currencies climbed on a dip in US bond yields, with the Korean won, up 0.9%, leading gains. The dollar index was down 0.1% at 105.18.

The rupee rose to a day’s high of 83.3475 but state-run banks’ bids eroded gains, a foreign exchange trader at a foreign bank said.

The US non-farm payrolls report for April is due later on Friday alongside unemployment data which is likely to impact investors’ expectations of when the Federal Reserve may begin easing policy rates.