The Indian rupee posted its biggest single-day loss in a month and half on Wednesday, hurt by broad dollar gains against major currencies, while weak local shares bogged down by a Moody's downgrade of the banking system also added to the downward bias. The partially convertible rupee closed at 50.1750/1850 per dollar after hitting 50.1825, a level last seen on October 21, and 1.4 percent weaker than its previous close of 49.4750/4850.
The one-month onshore forward premium was at 25.25 points from 24.75 points on Tuesday, the three-month was at 65.25 points from 65 and the one-year was at 167.75 points from 178.75. One-month offshore non-deliverable forward contracts were quoted at 50.17, at par with the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange were at 50.35, on the United Stock Exchange they were at 50.3225, while on the MCX-SX they were at 50.3125. The total volume was at $3.64 billion.
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