Rupee snaps nine-week drop

Mumbai: India's rupee completed its first weekly gain since May, rebounding from a record low as policy makers took steps to curb speculation and boost dollar supply. The rupee snapped the longest run of weekly declines in more than a year after the Federal Reserve and Bank of Japan indicated this week they will maintain stimulus that fuelled inflows into emerging markets. Indian regulators this week reined in derivatives trading and the central bank extended easier rules for overseas loans until September, after the rupee plunged to an unprecedented 61.2125 per dollar on July 8.

The rupee gained one per cent this week to 59.6300 per dollar, the first advance since the five days through May 3, according to prices from local banks compiled by Bloomberg. It rose 0.1 per cent yesterday. One-month implied volatility fell 27 basis points, or 0.27 percentage point, this week to 12.54 per cent.


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