The Indian rupee see-sawed on Wednesday tracking forward premiums that crashed in early trades as demand for spot dollars surged, but later recovered on likely intervention from the central bank, dealers said. The partially convertible rupee ended at 45.2450 per dollar, 0.1 percent weaker from 45.205/215 on Tuesday, after trading in a range of 44.9500-45.2900.
The one-year onshore forward premium was at 120.50 points, after easing to 90.50 points, the lowest in nearly 15 months, from 156.50 points at previous close. One-month offshore non-deliverable forward contracts were quoted at 45.37, 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 45.2600, 45.2500 and 45.2525, respectively. The total volume was at $18.91 billion.
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