Rupee consolidates against dollar after sharp depreciation this week

Dealers say magnitude of RBI interventions slowed down over past couple of days

The rupee closed steady against the US dollar on Thursday as the market consolidated after a recent bout of volatility, which saw the domestic currency dropping to new lows, dealers said.

With global crude oil prices remaining stable, there were few triggers driving the domestic currency on Thursday and trade volumes were subdued.

The rupee closed at 78.97 per US dollar on Thursday, unchanged from previous close. The current level marks the lifetime closing low for the rupee versus the dollar.

In the course of the day, the domestic currency moved in a thin band of 10 paisa, trading in