The Indian rupee rose on Friday in line with other Asian currencies and shares, which rallied as risk appetite returned to markets after the European Central Bank put forth a bond-buying plan to help the ailing euro zone economies. "The rupee rose tracking the euro which was nearing $1.27 from $1.2630 levels. Some dollar inflows, especially from foreign banks who had been on the sell side since morning, also helped," said A. Ajith Kumar, a forex dealer with Federal Bank.
The partially convertible rupee closed at 55.3550/3650 per dollar as per the SBI closing rate versus its previous close of 55.65/66. The unit moved in a range of 55.3825 to 55.63 during the session. The rupee rose 0.3 percent on the week. The one-month offshore non-deliverable forward contract was at 55.64, while the three-month was at 56.27. 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 closed at around 55.52 with a total traded volume of $3.9 billion.