The Indian rupee suffered its biggest single session fall in nearly three years on Thursday after a grim outlook on the US economy sent investors scrambling for safer currencies and government bonds. The partially convertible rupee ended at 49.57/58 to a dollar, 2.5 percent lower from its previous close, and its lowest since May 15, 2009.
The unit's fall is the largest single day fall since November 12, 2008 when it dropped 2.6 percent during the peak of the global financial crisis post thhe Lehman Brothers bankruptcy The one-month onshore forward premium was at 21 points from 17.50 on Wednesday, the three-month was at 63 points from 50.75 and the one-year was at 126.5 points from 114.75.
The one-month offshore non-deliverable forward contracts were quoted at 49.91, 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 ended at 49.6700, 49.6500 and 49.6300 respectively. The total volume was $12.73 billion.
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