The Indian rupee fell to its lowest in more than a week on Friday after the dollar climbed following the Federal Reserve's move to raise a lending rate, but still notched gains for the week. The partially convertible rupee ended at 46.30/31 per dollar, after hitting 46.48, its lowest since February 11. It had closed at 46.27/28 on Thursday. For the week, however, it rose about 0.4 percent.
"The dollar's rise led to demand from importers," said a trader with a private bank, adding he expected pressure on the rupee to remain when trading resumes on Monday. One-month offshore non-deliverable forward contracts ended at 46.35/39, slightly weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were at 46.3275 and 46.3175 respectively.
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