The Indian rupee rose to a one-week high on Wednesday as local shares and the euro surged, reflecting a strong global risk appetite, as Greece's austerity measures to avert eurozone's first sovereign default looked set to win a parliament vote. The partially convertible rupee ended at 44.86/87 per dollar, 0.4 percent stronger from Tuesday's close of 45.03/04.
Intraday, it had risen to 44.86 - a level not seen since June 22. The one-month onshore forward premium was at 24.25 points versus 20 on Tuesday. The three-month was at 73.50 points from 70 and the one-year was at 249.50 points from 243. One-month offshore non-deliverable forward contracts were quoted at 45.01, 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 United Stock Exchange and on the MCX-SX were at 45.0525, 45.0550 and 45.0500 respectively. The total volume was at $7.65 billion.
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