The Indian rupee strengthened during the week ended Jul. 04, 2008 to close at Rs 43.30/31, as compared to Rs 42.875/885 a dollar on Jun. 27, 2008 (Friday), after trading close to Rs 42 a dollar level at the beginning of the week.

The Indian rupee declined on Jun. 27, 2008 (Friday), weighed down by record high global oil prices that prompted dollar demand from oil refiners, while a steep drop in the local stock market fuelled concerns of further fund outflows. The partially convertible rupee settled 0.5% lower than Thursday`s close of Rs 42.675/685 at Rs 42.875/885 a dollar.

The Indian rupee turned down on Jul. 01, 2008 (Tuesday), to a 15-month low due to a monthly trade deficit in the BoP statement, higher crude oil prices and another sharp fall in the equities market. The partially convertible rupee settled at 43.34/36 a dollar, taking its fall this year to more than 9%.

The Indian rupee strengthened on Jul. 02, 2008 (Wednesday) from the 15-month lows due to a 5.4% surge in the stock market, although high crude prices continued to exert downward pressure on the local unit. The partially convertible rupee settled at Rs 43.17/18 a dollar, off a low of Rs 43.39 and 0.4% stronger than Tuesday`s close of Rs 43.34/36.

The Indian rupee dropped towards 15-month lows on Jul. 03, 2008 (Thursday) due to heavy selling on the stock exchange and record oil prices. It is believed that the high crude prices may continue to exert downward pressure on the local unit.The partially convertible rupee ended at Rs 43.30/31 a dollar on Thursday, 0.3% weaker than Wednesday`s close of 43.17/18. It hit a 15-month low of Rs 43.50 on Tuesday.

The Indian rupee strengthened on Jul. 04, 2008, Friday as a rise in local shares eased some immediate concerns of more capital outflows, but due to high oil prices and further rise in annual inflation its gains were limited. The partially convertible rupee settled at  Rs 43.15/16 a dollar, 0.3% stronger than Thursday`s close of Rs 43.30/31.