The Indian rupee bounced off a one-month low on Monday as exporters stepped up dollar sales to take advantage of the sharp decline in the local unit, but sharp gains in the dollar versus majors continued to weigh. The partially convertible rupee closed at 45.52/53 per dollar, after hitting 45.6250 - its lowest since December 1, and 0.3 percent below its Friday's close of 45.37/38.
One-month offshore non-deliverable forward contracts were quoted at 45.91, 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 closed at 45.6175, 45.6225 and 45.6250 respectively, with the total traded volume on the three exchanges at about $6.25 billion.
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