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The Indian 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. Dollar index gave back recent gains and is quoting lower by 0.4% at 98.06. Meanwhile, Indian shares fell notably on Friday, with uncertainty over U.S. tariffs and a muted start to the quarterly earnings season weighing on markets. The benchmark S&P/BSE Sensex fell 501.51 points, or 0.61 percent, to 81,757.73 while the broader NSE Nifty index closed at 24,968.40, down 143.05 points, or 0.57 percent, from its previous close. 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. On the NSE, USDINR futures were marginally lower at 86.17.

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