The Indian rupee snapped a three-day losing streak on Wednesday supported by the euro's gains against the dollar, but demand for the greenback from oil importers and weak local shares pulled it off highs. The partially convertible rupee ended at 44.43/44 per dollar, after rising as much as 44.3650 intraday, compared with its 44.51/52 close on Tuesday.
The one-month onshore forward premium was at 27.00 basis points (bps) versus its previous close of 28.75 bps. The three-month was at 81.50 bps versus 82.50 bps and the one-year was at 313.00 bps compared with 318.00 bps. The one-month offshore non-deliverable forward contracts were quoted at 44.69, 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 44.7075, 44.7100 and 44.7125 respectively, with total volume at $$6.60 billion.
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