Rupee falls 7 paise against US dollar

Mumbai, May 30: The rupee pared its initial gains to settle 7 paise lower at 85.55 against the US dollar on Friday, as volatility in domestic equities and recovering global crude prices pressured the local currency.

However, investors stayed cautious ahead of the GDP data release, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 85.35 and moved between the intra-day high of 85.25 and the low of 85.64 against the greenback.