The Indian rupee closed at a near three-week high on Monday after pulling back from the day's low, aided by robust dollar inflows as foreign funds lapped up local debt, which offset the impact of a volatile domestic share market. The partially convertible rupee ended at 52.50/51 to the dollar, 0.5 percent stronger than Friday's close of 52.7150/7250, after touching a high of 52.48, a level last seen on December 21.
One-month offshore non-deliverable forward contracts were quoted at 52.83, indicating more weakness in the short-term in 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 all around 52.8 on total volume of $3.8 billion.
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