The Indian rupee reversed early gains to end lower on Tuesday as persistent dollar demand from oil importers and a softer euro outweighed positive local shares. The partially convertible rupee ended at 46.085/095 per dollar, 0.1 weaker from Monday's close 46.035/045, after gaining as much as 45.90 earlier. The index of the dollar against six major currencies was at 74.129 points from its 74.716 previous close.
Indian shares rose 1.6 percent to their best close in nearly two weeks on Tuesday, bolstered by a rally in global equities after US consumer spending data eased concerns about the health of the world's largest economy. The one-month onshore forward premium was at 7.00 points from 8.25 on Monday, the three-month was at 31.75 points from 34.75 and the one-year stood at 126 points from 128.25.
The one-month offshore non-deliverable forward contracts were quoted at 46.18, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and the United Stock Exchange were both at 46.1550, while those on the MCX-SX were at 46.1450. The total volume was at $6.17 billion.
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