Snapping its three-session downtrend, the rupee today managed to end higher by 5 paise at 65.12 against the US currency on fresh bouts of dollar selling by banks and importers amid growing trade war concerns.
A panic gripped currency and financial markets worldwide after US President Donald Trump revealed his plans impose severe tariffs on imports of steel and aluminium, sparking fears of a potential global trade war.
The rupee resumed higher at 65.10 against Thursday’s close of 65.17 at the inter-bank foreign exchange market (forex) here.
It strengthened further to hit a high of 64.93 in mid morning deals.
However, the local unit succumbed to some dollar pressure in the fag-end trade, relinquishing all early strong gains to end marginally higher at 65.12, showing a gain of 5 paise, or 0.08 per cent.