Rupee gives up gains, settles 4 paise lower at 86.16 against US dollar
Mumbai, Jul 18 (PTI) The rupee gave up initial gains to settle 4 paise lower at 86.16 (provisional) against the US dollar on Friday, dragged by foreign fund outflows, rising global crude oil prices and a steep decline in domestic equity markets. However, a weak greenback against major currencies prevented a sharp depreciation in the local unit, forex traders said. At the interbank foreign exchange, the rupee opened higher against the US dollar at 85.99 and moved in the range of 85.97-86.23 before closing at 86.16 (provisional), down 4 paise from its previous close. The rupee declined 20 paise to