Indian rupee posts biggest monthly fall, gains for second day

Aug 30 2013, 17:53 IST
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SummaryThe partially convertible rupee closed at 65.70/71 per dollar, up 1.3 percent on the day.

The Indian rupee posted its biggest monthly fall in at least 18 years but gained for a second straight session on Friday as aggressive central bank intervention and positive local and regional cues helped.

The rupee's 8.1 percent fall is likely the worst performance for the currency ever, but data beyond 1995 was not immediately available.

The partially convertible rupee closed at 65.70/71 per dollar, up 1.3 percent on the day. It had closed at 66.55/56 on Thursday, after gaining 3.5 percent, in its biggest single-day gain in 15-1/2 years.

On the week, the rupee declined 3.8 percent, its worst weekly performance since the week to Sept. 23, 2011.

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