Expectations of dollar inflows are capping upside for the pair (USD/INR), while the downside is being protected by the RBI, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
Indian rupee opened lower at 75.05 per dollar on Friday against Thursday's close of 74.93.
On August 6, rupee erased intraday gains and ended flat at 74.93 per dollar against Wednesday's close of 74.93.
At 10:04 IST, the Sensex was down 20.72 points or 0.05% at 38004.73, and the Nifty was up 1.10 points or 0.01% at 11201.30.
"Despite the pause, rupee still remains in a sticky range of 74.50-75.50, and the domestic currency will be guided more by the movement in the dollar index, which is languishing at two- year lows and the pace at which the RBI will look to accumulate its forex reserves," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Expectations of dollar inflows are capping upside for the pair (USD/INR), while the downside is being protected by the RBI," she added.
Oil prices slipped on Friday, adding to losses in the previous session, on worries that fuel demand growth will drop amid a resurgence of coronavirus cases and as talks have stalled in the United States on a new stimulus deal.
The dollar nursed losses against major currencies on Friday ahead of the US non-farm payrolls report, which some investors fear could reinforce the view that economic momentum is slowing.