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Rupee sees best week in 8 months; hits 11-month high

The rupee strengthened to its highest level in 11 months on Friday and posted its best weekly gain in eight months as the Bharatiya Janata Party and its allies headed towards an overwhelming majority in the country’s elections, sending shares to record highs.

The rupee however failed to retain most gains made during the session on the back of profit-taking in domestic shares and sporadic dollar buying intervention by the central bank.

The partially convertible rupee closed at 58.79/80 per dollar after hitting 58.62, its strongest since June 19 and 0.85 percent above its previous close of 59.29/30.

For the week, the rupee rose 2.1%, its third consecutive weekly gain and also its biggest weekly rise since the week to Sept 13.

Traders expect the rupee to hold in a 58.50 to 59.50 per dollar range for the next week.

In the offshore non-deliverable forward, the one-month contract was at 59.09, while the three-month was at 59.73.

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