The Indian rupee recovered from a recent spate of losses on Friday to touch a more than one-week high, while most other Asian currencies ticked higher as cautious investors focussed on Russia-Ukraine tensions.
After dropping hard for multiple straight sessions, to as much as 20.61 earlier this week, the Indian rupee strengthened to Rs20.35 versus Dh1. Check latest forex rates here.
The Indian rupee appreciated 0.4 per cent to hit 74.813, its highest level since February 9, after losing about 0.8 per cent over the last week. It was set to post a 0.7 per cent weekly, its best this year, while the Philippine peso strengthened 0.2 per cent against the greenback.
Meanwhile, the exchange rate of the Pakistan rupee strengthened by 29 paisas against the US dollar in the interbank trading on Thursday and closed at Rs175.38 against the previous day's closing of Rs175.67. Against the UAE dirham, the PKR was at Rs47.96.
Globally, investors were calmed by hopes of a diplomatic solution on the East-West standoff over Ukraine from a meeting between US Secretary of State Antony Blinken and Russian Foreign Minister Sergei Lavrov later next week.
"Without any clear resolution in the near term, the uncertainty for a potential invasion (of Ukraine) is sufficient to keep market participants shunning from risk assets, while flocking to safe-haven," analysts from IG Group said in a research note.
