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The rupee pared initial gains and settled on a flat note at 75.65 (provisional) against the US dollar on Friday as concerns about rising COVID-19 cases weighed on investor sentiment.
Forex traders said risk appetite has waned amid spike in fresh coronavirus infections globally.
The rupee opened on a strong note at the interbank forex market at 75.51 against the US dollar, but pared the initial gains and settled at 75.65 against the US dollar, unchanged against its previous close.
During the four-hour trading session, the domestic unit witnessed an intra-day high of 75.43 and a low of 75.65 against the US dollar.
“Despite rising coronavirus concerns, the global equity market is trading higher reacting to new stimulus packages and unconventional easing. But, there is a lot of uncertainty over the spike in COVID-19 cases,” said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
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