The Indian rupee gained for a second straight week on Friday on signs European efforts to contain the region's debt crisis were working, boosting sentiment for riskier emerging-market assets.
The rupee gained 0.7 percent this week to close at 48.93 to the dollar, its highest since Feb. 7. It ended at 49.19 on Thursday.
“There is some slight bounce with much better sentiment and stability in Europe,” said Paresh Nayar, head of fixed income and forex trading at First Rand Bank. “Foreign investor portfolio inflows and dollar weakness have helped rupee to gain this week.”
The euro hit a fresh 2-1/2 month high on Friday, continuing gains after improved German business sentiment data.
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