The Indian rupee gained for the fourth straight week aided by positive local shares and robust dollar inflows, while the outlook remained bullish for the local unit. The partially convertible rupee ended at 49.3050/3150 to the dollar, after touching 49.2975, its highest since November 8, and firmer than 50.09/10 at close on Wednesday. The market was closed on Thursday for a local holiday.
One-month offshore non-deliverable forward contracts were at 49.68, indicating some weakness in the short term in the onshore spot rate. In the currency futures market, the most-traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all ended around 49.6 on total volumes of $4.8 billion.
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