The Indian rupee erased intraday gains on Thursday as strong dollar demand from oil companies offset comfort from the euro's rise and positive local stocks. The partially convertible rupee ended at 44.3650/3750 per dollar after touching 44.23 during the day, its strongest since April 11. It had closed at 44.32/33 on Wednesday. During the day the rupee had moved in 44.23-44.36 band.
The one-month onshore forward premium was at 26 basis points, compared with its previous close of 25.75. The three-month was at 83.50 basis points versus 84.50 and the one-year was at 318.50 basis points compared with 321.25. The one-month offshore non-deliverable forward contracts were quoted at 44.64, 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 United Stock Exchange and the MCX-SX were at 44.4075, 44.3975 and 44.4100 respectively, with total volume at $8.70 billion.
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