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Analysts expect it to stay steady at the current levels if the government maintains strict controls on foreign currency smuggling
Gains from firm domestic stocks were offset by rise in crude oil prices, the US dollar index remaining above the 106-mark against the leading currencies
Subdued equity market sentiment, elevated level of crude oil prices put downside pressure on the Indian currency, forex traders say
Withdrawal of foreign funds from domestic equities and upward movement in crude oil prices also weighed on the Indian currency, forex traders say
A few traders reckoned that it was possible that the Reserve Bank of India may have intervened in NDF market to defend the rupee
On Friday, the rupee fell 13 paise to settle at 83.16 against the American currency
After slumping to 90 against dirham in the open market earlier this week, it recovered to 85 on Friday after the crackdown in the open market
Earlier this week, India's central bank sold dollars in the spot market and also intervened in the non-deliverable forward market to curb the fall