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India rupee trims most losses

The rupee had started the morning session by rising to a more than two-month high against the dollar, but then slumped after Bloomberg TV reported the Reserve Bank of India was considering closing its special dollar window for oil companies.

However, the RBI later issued a statement saying its dollar window for oil marketing companies remained open, adding that any tapering would be done in a calibrated manner.

That allowed the rupee to recover from session lows, although the currency still ended the day with a small fall.

“Rumours were driving the market around today, but think the currency should now stabilise between 60 and 63 in the near-term,” said Uday Bhatt, a foreign exchange dealer with UCO Bank.

The partially convertible rupee closed at 61.27/28 per dollar compared to 61.23/24 on Thursday. In early trade, the rupee had gained to 60.92, its strongest since August 12. and later fell to a session low of 61.71 on the Bloomberg report.

On the week, the pair lost 0.3 per cent, snapping two weeks of gains.