Mumbai: The rupee strengthened on Friday on the back of dollar sales by corporates but it posted a ninth consecutive weekly drop, worst losing streak since the Lehman crisis. Traders said a mid-sized infrastructure company sold about $200 million in early trade while two foreign banks also sold dollars heavily, helping the rupee gain.
Traders said the rupee could continue to rise next week as a fall in global crude oil prices would allow oil companies to cut back on dollar purchases.
The partially convertible rupee closed at 55.54/55 per dollar, 1% stronger than its Thursday’s close of 56.08/09. The unit traded in a broad range of 55.53 to 56.28 during the day.
The unit, however, fell 0.3% on the week, adding to eight straight weekly losses, making it the rupee's worst losing streak since the week ending 26th October, 2008.
