The Indian rupee weakened on Monday as losses in local shares and strong demand for the dollar from oil importers outweighed a rebound in the euro against the greenback. The partially convertible rupee closed at 44.33/34 per dollar, 0.3 percent weaker than its previous close of 44.21/22, after moving in a range of 44.2800-44.3750 intraday.
The one-month onshore forward premium was at 27.50 basis points (bps) versus 26.50 bps at previous close. The three-month was at 81.50 bps from 82 bps and the one-year was at 318 bps compared with 317.75 bps. The one-month offshore non-deliverable forward contracts were quoted at 44.59, 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 44.5650, 44.5675 and 44.5625 respectively, with total volume at $6.97 billion.
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