The Indian rupee fell on Monday as local shares came under pressure after industrial output growth slowed unexpectedly in February and high global crude prices pushed domestic oil firms to buy dollars. The partially convertible rupee ended at 44.3850/3950 per dollar, 0.72 percent weaker than Friday's close of 44.07/08 when it had hit 43.98, a level not seen since October 15.
The one-month onshore forward premium was at 26.25 basis points, higher than 25.50 on Friday. The three-month was at 80.75 basis points versus 81 basis points and the one-year was at 304.50 basis points from 305. The one-month offshore non-deliverable forward contracts were quoted at 44.54, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange ended at 44.5075, on the MCX-SX at 44.5100 and on the United Stock Exchange at 44.5100, with the total volume at about $8.82 billion.
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