MUMBAI, Dec 30 Reuters The Indian rupee ended the final week of a turbulent year in the green on Friday, as the dollar index declined, while hopes that the country39;s current account deficit had likely peaked for the time being provided some support.
The rupee closed up 0.09 at 82.72 per dollar, continuing its rangebound movement for another session. It also marked its first weekly gain in four, rising 0.2.
However, the rupee declined 10.14 on the year, its biggest loss since 2013, making it the worstperforming Asian currency. The dollar39;s mighty gains, on the back of the U.S. Federal Reserve39;s monetary policy tightening, battered global currencies in 2022.
For the near term, there is some positivity in the market with China39;s reopening, and if the virus wave manages to subside, activity could bounce back strongly there, said Anindya Banerjee, head of research FX and interest rates at Kotak Securities.
Combined with the fact that stock markets have had a rough December, there is a scope for a hoperally in January. If that materialises, then a soft dollar may be on the anvil and that can pressure prices downward for USDINR.
Traders and analysts expected the rupee39;s range to be 81.5083.50 over the next three months. In October, the currency hit a record low of 83.29.
On Friday, Asian shares and currencies mostly rose after U.S. jobs data showed the Fed39;s rate hikes were dampening inflationary pressures.
The dollar index fell to 103.860, but was headed for…