Mumbai: The rupee rose on Friday, snapping a two-day slide as falls in the dollar versus majors currencies boosted sentiment, but the unit pared some early gains in line with choppy local stocks.
The partially convertible rupee closed at 48.48/49 per dollar, off an early high of 48.38 but still 0.3% stronger than its previous close of 48.63/64. The rupee rose 0.9% over the week.
On Thursday, the rupee had risen at least 48.29 during trade, its strongest since 14 August.
“The rupee has to close below 48.40 consistently for a few days to rise towards 47.80 or else it is likely to remain rangebound between 48.40-49.00,” a senior dealer with a foreign bank said.
Traders said the rupee was helped by the dollar’s fall to a one-year low against a basket of currencies as continued concern over its long-term value further soured the near-term technical picture. Other Asian currencies were also stronger against the dollar.