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The rupee consolidated in a narrow range and settled lower by 2 paise to 83.38 (provisional) against the US dollar on Friday after the Reserve Bank of India kept the policy rate unchanged at 6.5 per cent.
Forex traders said stronger American currency in the overseas markets and a rebound in crude oil prices weighed on investor sentiment.
At the interbank foreign exchange market, the local unit opened at 83.35 and finally settled at 83.38 (provisional) against the dollar, down by 2 paise from its previous close.
On Thursday, the rupee depreciated 4 paise to close at 83.36 against the US dollar.
However, positive tone of the RBI Governor and positive domestic markets may support the rupee, traders said.
The six-member Monetary Policy Committee, consisting of three RBI and an equal number of external members, voted unanimously to keep the benchmark repurchase rate at 6.5 per cent.
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