The Indian rupee rose to its strongest level in a week on Friday boosted by a rise in global risk appetite after a string of strong data and expectations of bullish bank stress test results in Europe. The partially convertible rupee closed at 46.94/95 per dollar, after rising as high as 46.8925, its strongest since July 16, and 0.4 percent stronger than Thursday's close of 47.1250/1350.
The unit still ended down 0.3 percent on the week. One-month offshore non-deliverable forward contracts were quoted at 47.15, 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 closed at 46.9650 and 46.97 respectively, with the total traded volume on the two exchanges at about $5.4 billion.