The Indian rupee strengthened on Monday tracking local equities and a firm euro, but moved in a thin band as strong exporter dollar sales nearly matched robust importer demand. The partially convertible rupee ended at 44.7550/7650 per dollar, 0.1 percent stronger from its 44.81/82 last close. Intraday, the rupee rose as high as 44.69, a level not seen since May 11.
The one-month onshore forward premium was steady at 24 points. The three-month was at 75.25 points versus 73 points and the one-year was at 276.25 points versus 267.50 on Friday. The one-month offshore non-deliverable forward contracts were quoted at 44.98, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange was at 44.9475, while those on the MCX-SX and the United Stock Exchange were both at 44.9500, with total volume at $7.38 billion.
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