Lack of large demand and foreign bank selling of the greenback in late trade helped the rupee notch up some gains, traders said.The week, however, was volatile and was also marked by heavy dollar buying by the Reserve Bank of India (RBI) looking to replenish its foreign exchange reserves and slow down the rise in the rupee.
Latest data showed foreign exchange reserves rose by $5.04 billion to $303.67 billion in the week to March 28.
The rupee's open next week depends on the NFP data. But election-related enthusiasm and continued foreign fund inflows relating to the same is likely to continue helping the rupee towards 59 levels.The rupee closed at 60.08/09 per dollar compared to 60.1650/1750 on Thursday. The unit fell to a low of 60.3925 intraday, its lowest since March 25, before foreign banks stepped in to sell dollars.The unit rose as high as 59.5950 on Wednesday, its strongest since July 30, before starting its retreat.
In the offshore non-deliverable forwards, the one-month contract was at 60.50 while the three-month was at 61.21.