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Indian rupee ends flat, logs best week since May 16



Mumbai: The rupee Friday ended a mere one paisa higher at 59.72 against the US dollar on alternate bouts of demand and supply, wrapping up its best weekly performance since the period ended May 16.

It gained 36 paise against the Greenback in the week ended yesterday on hopes of a growth-oriented budget on July 10.

In the week ended May 16 when the Bharatiya Janata Party government stormed to power at the Centre after elections, the rupee had appreciated by a whopping 125 paise against the dollar.

The rupee Friday commenced better at 59.69 a dollar from last close of 59.73 at the Interbank Foreign Exchange (Forex) market. It was later trapped in a range of 59.60 and 59.8250 before settling at 59.72, showing a mere gain of one paisa or 0.02 per cent.  The dollar index was up by 0.10 per cent against its six major global rivals.

Abhishek Goenka Founder and CEO, India Forex Advisors said, despite the upbeat jobs data from the US, rupee was seen holding on to its gains during the first half of the trading session underpinned by the sustained flows from the FIIs.

"Rupee which was quite range bound throughout this week is now waiting for the release of the Budget which is the next major trigger for the domestic markets," said Abhishek Goenka, Founder & CEO, India Forex Advisors.

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