Indian rupee climbs

The Indian rupee closed at its highest in three weeks on Friday as banks sold the dollar after oil prices fell further away from record highs, calming concerns of a widening trade deficit. The partially convertible rupee ended at 42.76/77 per dollar, a shade stronger than Thursday's close of 42.81/82 and its strongest close since June 26.
It hit a 15-month low of 43.50 earlier this month. For the week, the rupee ended up a quarter of a percentage point. "Rupee movements are closely mirroring oil prices and there was some importer buying around 42.70 levels, which kept dollar/rupee in a 42.65-42.85 band for the day," said Agam Gupta, head of currency trading at Standard Chartered Bank in Mumbai.