The rupee on Friday retreated from a 16-month high to close down 5 paise at 65.46 against the US currency on dollar demand from importers, and suspected RBI intervention, ending its four-day dream-run.
The home unit opened lower at 65.45 from its previous close of 65.41 at the Interbank Foreign Exchange (forex) market. It immediately depreciated sharply to an intra-day low of 65.65 and largely moved in a tight range throughout the session with high level of volatility. However, the local unit managed to retrieve some lost ground in late afternoon trade and ended at 65.46, showing a loss of 5 paise.