The Indian rupee pared most of its early gains to end marginally stronger on Friday, tracking a decline in local shares and high global oil prices, while a strong euro supported. The partially convertible rupee closed at 44.98/99 per dollar after trading in a range of 44.9100-45.0350. It had closed at 45.035/045 on Thursday.
One-month onshore forward premiums were at 25.50 points versus 24.50 points on Thursday. One-month offshore non-deliverable forward contracts were quoted at 45.25, 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 on the United Stock Exchange closed at 45.1650, 45.1600 and 45.1650, with the total traded volume at $6.7 billion.
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