Rupee sees 6th successive gain against US dollar
At close, the currency settled at 282.06, a gain of Re0.16.
On Wednesday, the rupee had closed at 282.22.
The inter-bank was closed on Thursday on account of the 14th August holiday.
The local currency has maintained a positive trajectory against the greenback in recent days on account of improved sentiment in the currency market amid an ongoing crackdown by law enforcement agencies against illegal currency dealers and smugglers.
Internationally, the US dollar held on to previous session gains on Friday after hotter-than-expected inflation data prompted traders to trim wagers on rate cuts by the US Federal Reserve.
The euro and sterling were steady against the dollar after falling 0.5% and 0.3% on Thursday, respectively, while the Japanese yen rose 0.3% to 147.395 following stronger-than-expected GDP data for the second quarter.
Overnight, markets had to contend with US producer prices showing the quickest rise in three years in July amid a surge in the costs of goods and services, pointing to a broad pick up in inflationary pressures, which analysts say could pose a dilemma for the Fed.
The hot measure of producer price inflation followed a comforting consumer inflation outcome earlier in the week, which had boosted expectations of policy easing in the world's largest economy and helped lift risk assets across the board.
Odds of a 25-basis-point cut by the US central bank retreated slightly after the producer price figures, per CME's FedWatch tool.
Oil prices, a key indicator of currency parity, fell on Friday as concerning economic data from the US and China, the world's two largest oil users, increased worries about fuel demand while investors also await the summit between US President Donald Trump and Russian leader Vladimir Putin.
Brent crude futures fell 39 cents, or 0.58%, to $66.45 a barrel by 0750 GMT. US West Texas Intermediate crude futures declined 42 cents, or 0.66%, to $63.54.
For the week, WTI is set to drop 0.5% while Brent is set to decline 0.2%.
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