Rupee jumps 1.2% in a week; best in two years

THE rupee, which has been under tremendous pressure since October, rallied 1.2% to notch up the best week in over two years.

- BENN KOCHUVEEDAN@Mumbai

THE rupee, which has been under tremendous pressure since October, rallied 1.2% to notch up the best week in over two years. The battered rupee, which had plunged to a historic low of 87.95 on February 10, has settled the day at 85.97 on Friday—first time above 86 since January 9.

The market has been seeing a lot of dollar inflows, thanks to the inflows into the equities—both the Sensex and Nifty have clocked more than 4% gains during the week, making their best weekly performance in four years. This has the rupee strengthening and closing trade on Friday at 85.9725, from 86.3675 in the previous session—rallying to a 10-week high or 1.2% in the week.