USD/INR closed at 70.80 against its opening at 70.55. Dollar/rupee pared losses during late afternoon trade Friday on increased demand for the greenback from oil importers as Brent crude oil prices trading below $60 a barrel.An OPEC delegate said the organisation agreed a tentative deal to cut oil output but is yet come up with a final figure. Saudi Energy Minister Khalid al-Falih said earlier that OPEC needed Russia to come on board with any cuts. He said a final decision by OPEC and its allies was likely by Friday evening.
The greenback remained subdued against major peers tracking a fall in US Treasury yields on expectation of a fewer rate hikes by the Federal Reserve. The US trade deficit jumped to a 10-year high in October as soybean exports dropped further and imports of consumer goods rose to a record high.
Also, local stocks are expected to open higher tracking Asian markets that followed overnight gains in US equities and as US Federal Reserve likely to pause rate hike.
Sensex provisionally ends 401 points higher with 23 components in the green.