The Indian rupee ended at its lowest in over seven weeks on Thursday, weighed by the euro's fall against the dollar and a sharp drop in local shares, and traders expect the Indian unit to extend losses on Friday. The partially convertible rupee ended at 44.985/995 per dollar, after touching 45 per dollar earlier in the day, a level last seen on March 23. It had closed at 44.69/70 on Wednesday.
The one-month onshore forward premium was at 25.25 points versus 26.25 points last close. The three-month was at 77.25 points against 82.50 points and the one-year was at 290.25 points compared with 305 points. The one-month offshore non-deliverable forward contracts were quoted at 45.27, weaker than 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 at 45.1300, 45.1250 and 45.1300 with total volume at $11.02 billion.
Comments
Comments are closed for this article.