Rupee to strengthen as Fed hints at tapering

The rupee on Friday strengthened 53 paise against the US dollar to close at 73.69

Rupee gains 5 paise to close at 74.54 against US dollar

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 92.33

Besides selloff in global equities, massive plunge in international oil prices and depreciating rupee added to investor concerns

The state government has now sanctioned the upgraded amount with orders issued on Tuesday.

Declining for the sixth consecutive session, rupee slipped below the Rs 66 level mark against the US dollar on Friday.

Rupee had briefly breached the significant 65-mark to hit a new three-month low of 65.11 during the mid-week trade.

On Thursday, the rupee had dropped by 12 paise to 64.12 against the US dollar.

Rupee is trading at 64.18 against the dollar at the interbank forex market.

Dealers said dollar's weakness against other currencies overseas and a stronger domestic market opening led to rupee's rise.

Rupee is trading at 64.25 against the US dollar in early session today amid a higher opening of domestic equities.