The rupee bounced off its lowest in more than two and a half years to close marginally stronger on Friday, tracking a modest recovery in the euro, and as corporates stepped up dollar sales to take advantage of the local unit's sharp decline. The partially convertible rupee closed at 50.1150/1250, 0.1 percent stronger than its Wednesday close. Earlier in the day, it had dropped to 50.4200 against the dollar, a level last seen on April 28, 2009.
The one-month onshore forward premium was at 27 points from 25.25 points on Wednesday, the three-month was at 66.50 points from 65.25 and the one-year was at 163.50 points from 167.75. One-month offshore non-deliverable forward contracts were quoted at 50.11, 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, the United Stock Exchange and the MCX-SX were at 50.28. The total volume was at $4.8 billion.
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