The Indian rupee rose to a five-month high on Tuesday, the first trading day of this fiscal year, helped by large dollar inflows which more than offset weakness in Asian peers and the euro. The partially convertible rupee ended at 44.4200/4300 per dollar, 0.4 percent stronger than Thursday's close of 44.59/60. It rose as high as 44.3950 during trade, its strongest level since November 11.
The one-month onshore forward premium was at 27.50 basis points (bps), up from 25.00 bps on Thursday, the three-month was at 80 bps versus 77 bps and the one-year at 295.25 bps versus 286.75 bps. The one-month offshore non-deliverable forward contracts were quoted at 44.63, 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 were at 44.6200, 44.62000 and 44.6250 respectively, with the total volume at about $5.88 billion.
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