The rupee posted its fifth straight weekly gain on Friday, aided by a gush of foreign funds as investors bet on a monetary easing to boost growth in Asia’s third-largest economy. Foreign funds have bought $2.6 billion of Indian shares and $3.2 billion of debt so far this years, data from the Securities and Exchange Board of India showed. Annual headline inflation, as measured by the wholesale price index, slowed to a two-year low of 7.47% in December, reflecting a sharp decline in food inflation, although manufactured product inflation edged up. The rupee ended at 48.6850/6950 to the dollar, close to the day’s high of 48.67, a level not seen since October 31. It closed at 49.15/16 on Thursday. The Indian stock market’s rise of nearly 14% this year has kept up hopes of increased foreign fund inflows. The market rose 2.2% this week.
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