The Indian rupee weakened on Monday, erasing early gains notched up on expectations of dollar inflows, hurt by losses in local shares and the dollar's strength against the euro. The partially convertible rupee closed at 44.45/46 per dollar, 0.3 percent weaker than Friday's 44.3250/3350 close, after having strengthened as much as 44.2550 in early trade.
The one-month onshore forward premium was at 26.00 basis points versus its previous close of 25.75. The three-month was at 83.00 basis points versus 82.75 and the one-year was at 317.25 basis points compared with 309. The one-month offshore non-deliverable forward contracts were quoted at 44.73, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.5275, 44.5325 and 44.5250 respectively, with total volume at $8.34 billion.
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