The rupee bounced back from its all-time low, appreciating 6 paise to 88.70 against the US dollar in early trade on Friday, supported by a weaker greenback and optimism over a potential India–US trade deal breakthrough.
However, forex traders noted that foreign institutional investor (FII) outflows and rising international crude oil prices capped the local currency’s gains. At the interbank foreign exchange, the rupee opened at 88.72 before strengthening to 88.70, up 6 paise from its previous close.