The Indian rupee had its biggest weekly loss in a decade as crude oil touched a near all-time high of US$125.98 per barrel, boosting demand for dollars from oil refiners. However, the local currency bounced back on the last trading day of the week, spurred by suspected dollar sales by exporters.
The rupee's 1% rally on Friday helped it pare this week's decline to 2.3%. It ended the week at 41.5950 as against last Friday's close of 40.6750, the biggest weekly decline since May 1998. During the week, the local currency touched a low of 41.8950 and a high of 40.53.
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