The Indian rupee ended weaker on Friday after tumbling to its lowest in five weeks as local equities slumped, tracking the global equity selloff on concerns of a slowdown in the global economy, stoking fears of foreign fund outflows. Week-on-week, the local currency has weakened by nearly 1.2 percent, Thomson Reuters data showed.
The partially convertible rupee ended at 44.7350/7400 per dollar, 0.4 percent weaker from Thursday close of 44.545/555. It earlier touched 44.8550 - its lowest since June 29. Traders said a one-day bank strike in the country could have had some impact on the rupee as well.
The one-year onshore forward premium slid to 191.75 points from 204 points close previously, for a second straight session, as exporters booked forward dollars. The one-month onshore forward premium was at 20.25 points from 21 points while the three-month dropped to 59.25 points from 62.75 points. One-month offshore non-deliverable forward contracts were quoted at 44.94, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.8750, 44.8675, and 44.8700, respectively. The total volume at $16.13 billion.