The Indian rupee logged its biggest single session gain in nearly 11 months on Friday, buoyed by strong foreign fund inflows into local shares as EU leaders' efforts to contain the eurozone debt crisis stoked appetite for riskier assets. The partially convertible rupee ended at 48.7550/7650 per dollar, 1.5 percent stronger than Tuesday's close of 49.51/52, after rising to 48.7350, a level not seen since October 17. It posted its largest single session gain since December 1, 2010.
The one-month onshore forward premium on the rupee was at 24.75 points from 25 on Tuesday, the three-month premium was at 65.50 points from 63.50 and the one-year premium was at 159.75 points, from 148. The one-month offshore non-deliverable forward contracts were quoted at 49.04, weaker versus the spot rupee rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and the MCX-SX were both at 49.0100, while those on the United Stock Exchange were at 49.0200. The total traded volume on the three exchanges was $3.63 billion.
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