The rupee ended marginally higher on Wednesday on the back of the dollar's losses against key currencies, but traders expect it to remain range bound with a bearish trend in the near term. The partially convertible rupee ended at 45.0550/0650 per dollar, stronger than 45.155/165 at close on Monday.
It traded in a narrow range of 45.0150-45.1025 per dollar intraday. The one-month onshore forward premium was at 22.25 points, up from 21.75 on Monday when it had fallen from 28. The one-month offshore non-deliverable forward contracts were quoted at 45.28, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and the MCX-SX were both at 45.1500, and on the United Stock Exchange they were at 45.1475. Total volume was $8.8 billion.
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