Indian Rupee at Near Two-Week High

Hit record low against the dollar last week

(Reuters)—The Indian rupee rallied for a second consecutive session on Friday to its strongest against the dollar in nearly two weeks on growing expectations the currency has been badly oversold, even as few traders expect a meaningful recovery.

After hitting a record low of 68.85 to the dollar last week, a Reuters poll suggests the rupee will stabilize at 66 to the dollar by the end of September, while technical charts also point to a period of relative calm.