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The Indian rupee ended at a one-week high on Thursday, helped by dollar weakness overseas and by foreign banks reversing positions in the offshore non-deliverable forward (NDF) market. The rupee ended 0.3 percent higher at 46.43/44 per dollar, from Wednesday's close of 46.5750/5850.
Dealers said a few foreign banks, which bought dollars on the domestic market a month back and sold them forward on the NDF market, were reversing these deals as the arbitrage opportunity had closed and the rupee had strengthened.
"Trading was driven by reversal of NDF trades. In effect, after reversing the deals, these banks ended up selling dollars in the local market," said a dealer with a state-owned bank.
"This boosted dollar supplies and helped the rupee," he added. Dealers said the dollar's fall against major currencies also aided the rupee, with exporters selling dollars in the expectation the rupee would not weaken significantly from here.

Copyright Reuters, 2006

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