The Indian rupee erased its intraday gains to end little changed on Tuesday, despite a strong euro, on dollar demand from importers and is expected to weaken about 1 percent more by June-end on concerns over slowing growth and firm oil prices. The unit has fallen nearly 2 percent in May.
The partially convertible rupee ended at 45.06/07 per dollar versus 45.07/08 on Monday. The one-month onshore forward premium was at 22.50 points versus 24.50 last close. The three-month was at 66.5 points versus 69.75 and the one-year was at 249.50 points versus 257.25.
The one-month offshore non-deliverable forward were quoted at 45.22, 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 45.2525, 45.2525, 45.2550 respectively. Total volume was $7.07 billion.
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