Rupee little changed this week as oil-fueled declines wipe out early gains

The rupee ended the week little changed after declines linked to oil wiped out gains recorded earlier in the week.

Early gains reversed

The currency initially strengthened, but that move did not hold. Oil-fueled declines later offset the rupee’s earlier improvement, leaving its overall weekly change limited.

Weekly picture remains subdued

The result was a broadly steady finish for the rupee over the week. The movement highlights how gains in the currency can be reversed when pressure associated with oil emerges during the trading period.

No details on the size of the rupee’s early advance or subsequent decline were provided.