Rupee at two-week closing high

The rupee ended at a two-week closing high on Friday, tracking broad-based strength in Asian currencies against the dollar and continuing large foreign inflows into Indian financial markets, particularly debt, aiding gains.

For the week, the rupee staged a turnaround, snapping a five-week fall. The local unit bucked the broader trend in Asia by gaining 0.4 per cent on the week, although it was not alone as the Philippine peso also rose 0.8 per cent.

The partially convertible rupee closed at 61.79 per dollar, the highest closing level since November 21. It finished at 61.94 on Thursday. Trading volumes, however, took a hit as staff at state-run lenders in the Western region, including Mumbai, were away as bank unions across India are pressing for early wage increases through a four-day relay strike.