The Indian rupee bounced back on Tuesday from a three-week low touched in the previous session, supported by strong Asian currencies and positive local shares, but dollar demand from local oil firms capped further rise. The partially convertible rupee ended at 44.84/85 per dollar, 0.4 percent stronger than its 45.00/01 previous close, after moving in a 44.8450-44.9650 range in the day.
The one-month onshore forward premium was at 25 points versus 23 at last close. The three-month was at 72.25 points from 70.25 and the one-year was at 241.75 points from 230.75. One-month offshore non-deliverable forward contracts were quoted at 45.03, 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 44.9025, 44.9075, 44.9050 respectively. The total volume was at $7.78 billion.
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