The Indian rupee snapped a four-week losing trend, adding 2 percent on the week, on robust dollar inflows into domestic bonds and supported by gains in world stocks following six major central banks' move to cut funding costs for banks. The partially convertible rupee ended at 51.20/21 per dollar on Friday, 0.5 percent higher than its 51.46/47 on Thursday, when it had risen 1.4 percent - its biggest one-session rise since May 18, 2009.
The one-month offshore non-deliverable forward contracts were quoted at 51.53, indicating a bearish near-term outlook. The one-month onshore forward dollar premium was at 28.50 points from 27.75 points, the three-month steady at 67.25 points, and the one-year premium was at 198.50 points from 186.50. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the United Stock Exchange and the MCX-SX were at 51.4200, 51.4225 and 51.4450 respectively. The total volume was at $3.5 billion.
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