The Indian rupee bounced off seven week lows on Friday, cheered by gains in the euro versus the dollar, but choppy domestic shares continued to raise worries about sustained foreign fund withdrawals. The partially convertible rupee closed at 45.6150/6250 per dollar, off the day's low of 45.77, its weakest since December 1, but still 0.2 percent below 45.53/54 at close on Thursday.
The rupee dropped 0.5 percent on the week. One-month offshore non-deliverable forward contracts were quoted at 45.92, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.6725, 45.6850 and 45.68, respectively, with the total traded volume on the three exchanges at an average $6.8 billion.
Comments
Comments are closed for this article.