The Indian rupee pared initial losses to settle 4 paise higher at 76.53 against the US dollar on Thursday, tracking positive domestic equities. However, the appreciation bias in the local unit is likely to be capped in the near term amid strong American currency, inflationary concerns and fears about an aggressive pace of the US rate hikes. At the interbank forex market, the rupee opened at 76.60 against the greenback and moved in a range of 76.43 to 76.71 in the day trade. It finally closed at 76.53, registering a rise of just 4 paise over its previous close of 76.57. On Wednesday, the rupee had settled almost flat at 76.57 against the US dollar. The dollar index is holding above 103 mark, keeping the emerging market currencies under check.
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