The Indian rupee gave up ground on Thursday as local equities turned choppy and the euro pulled back before the European Central Bank's rate decision due after the local market hours. The partially convertible rupee ended at 44.73/74 per dollar, weaker than Wednesday's close of 44.70/71. During the day, it moved in the 44.6400-44.7650 band.
The one-month onshore forward premium was at 24.00 points versus 24.75 points at Wednesday's close, while the three-month was at 74.75 points against 74 points and the one-year was at 254.50 points from 246.75 points. One-month offshore non-deliverable forward contracts were quoted at 44.94, 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 were at 44.8675, 44.8800 and 44.8725 respectively, with the total volume at $8.01 billion.
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