The Indian rupee rebounded from intra-day lows to end firmer on Friday as stocks gained and dollar purchases on behalf of foreign funds eased, dealers said.
But the mood was cautious as traders waited for the incoming Congress-led government to outline its economic policies.
The rupee ended at 45.2900/3100 per dollar, off an intra-day low of 45.4300 and firmer than the previous close of 45.3300/3500. It has gained 0.72 percent during the week, its first weekly gain in six weeks.
The rupee hit an eight-month low of 46.01 per dollar on Monday, on fears that foreign funds would pare positions amid expectations that leftists supporting the Congress-led government would block or slow economic reforms, particularly privatisation.
Discounts on the forward dollar widened as the rupee rose. The six-month forward dollar ended at 0.65 percent, off 0.43 percent in the morning and barely changed from the previous close of 0.66 percent.
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