The Indian rupee ended weak after sliding to a one-week low on Monday due to a fragile euro, and traders expect the local unit to extend losses over the next couple of days, tracking the common currency as worries over the Greek debt crisis keep investors away from it.
The partially convertible rupee ended at 44.86/87 per dollar, 0.3 percent weaker than Friday's close of 44.72/73. It had fallen to 44.91 during the day - its lowest since June 3. The one-month onshore forward premium was at 23.75 points versus 25 points on Friday. The three-month was at 73.50 points from 76.50 points at previous close and the one-year was at 257.25 points versus 264.25 points.
One-month offshore non-deliverable forward contracts were quoted at 45.06, 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 on the United Stock Exchange were at 44.9725, 44.9850 and 44.9825 respectively, with the total volume at $7.48 billion.
Comments
Comments are closed for this article.