The Indian rupee rose to a one-week high on Monday helped by strong corporate dollar inflows and a firm euro, but traders remain wary about the local unit's future direction. The partially convertible rupee ended at 48.75/76 per dollar, 0.6 percent stronger than Tuesday's close of 49.065/075, to log its second straight day of gains. It hit an intraday high of 48.65 - a level not seen since September 21.
The one-month offshore non-deliverable forward contracts were quoted at 49.01 while the three-month contracts were quoted at 49.83, weaker than the spot rate. The one-month onshore forward premium was at 20.75 points from 21.75 on Tuesday, the three-month was at 64.75 points from 65.50 and the one-year was at 133 points from 129. 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 48.9575, 48.9550 and 48.9350 respectively. The total traded volume on the three exchanges was $7.55 billion.
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