The Indian rupee climbed 1 percent on Wednesday, riding piggyback on a stocks rally, but it was not enough to pull a weekly run of gains to an eighth as refiners bought dollars to pay for imports. The partially convertible rupee closed at 50.04/05 per dollar, stronger than its Tuesday's close of 50.52/53.
However, it snapped a seven-week rise and dropped 0.5 percent on the week. The market is closed on Thursday and Friday for holidays. One-month offshore non-deliverable forward contracts were at 50.14/24, weaker than the onshore spot rate.
Comments
Comments are closed.