Rupee posts biggest weekly rise in 2 years

THE RUPEE POSTED its best day against the dollar in more than a month on the back of dollar inflows and an unwinding of speculative long-dollar positions, which also helped it log its best week in more than two years.

- REUTERS

The rupee ended at 85.9725 against the US dollar from 86.3675 in the previous session. It rose to a 10-week high of 85.9375 during the session and gained 1.2% in the week.

A revival in domestic equities has lifted market sentiment for the rupee, Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm, said.

If the rupee fails to breach the 85.90 mark, it is likely to face depreciation pressure, with an immediate support expected in the 86.80 to 87.00 range, she said.