The Indian rupee posted its biggest drop in 11 sessions on Wednesday, hurt by a retreat in the euro after comments from a German official tempered hopes of a solution to the region's debt crisis at the European summit on Friday. The partially convertible rupee ended at the day's low of 51.715/725 per dollar, falling 0.6 percent - its biggest drop since November 21 - from Monday's close of 51.41/42.
The one-month offshore non-deliverable forward contracts were quoted at 52.09, below the onshore spot rate and indicating a bearish near-term outlook. The one-month onshore forward dollar premium was at 27.75 points from 27.50 on Monday, the three-month was at 69.50 points from 70, and the one-year premium was at 201.50 points from 211. 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 at 51.9175, 51.9225 and 51.9200 respectively. The total volume was at $3.72 billion.
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