USD/INR closed at Rs 70.22 Friday compared to its opening at Rs 70.26. USD/INR ends and traded up Friday on oil importers' demand as Brent climbed to its highest level in two weeks amid a strong greenback.
Oil related dollar demand is supporting the spot pair. Also, dollar is strong backed by upbeat economic data. Crude oil prices climbed to its highest level in two weeks as rising tensions in the Middle East stoked fears of potential supply disruptions.
On Thursday, a Saudi-led military coalition in Yemen carried out several air strikes on the Houthi-held capital Sanaa after the Iranian-aligned movement claimed responsibility for drone attacks on two Saudi oil pumping stations earlier this week. Brent crude oil futures for July delivery traded 0.32% up at $72.85 a barrel.
Adding to that, the greenback inched up against its major counterparts after a robust US housing data and a strong weekly jobless claims report pointed to strengthening labour market in the world's biggest economy.
The dollar index, which tracks the movement of greenback against a basket of six major currencies, traded at 97.92 late Friday compared to 97.33 at close of Indian market on Thursday.
Sensex soars 537 points ahead of exit polls; Nifty above 11,400.