The Indian rupee strengthened on Monday, tracking sharp gains in local shares, but a bearish euro and the dollar's against global currencies pulled it off-highs. The partially convertible rupee closed at 45.49/50 per dollar, 0.4 percent stronger than its 45.68/69 close on Friday, but off the day's high of 45.42. A weak euro and an appreciating dollar weighed on the local unit, dealers said.
One-month offshore non-deliverable forward contracts were quoted at 45.70, 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 45.5925, 45.5925 and 45.5900 respectively, with the total traded volume at about $5.1 billion.
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