The Indian rupee weakened on Thursday after moving in a narrow band, dragged by a weak euro, but positive local shares and strong dollar inflows helped limit the downmove. The partially convertible rupee ended at 44.96/97 per dollar, 0.2 percent weaker than Wednesday's close of 44.8850/8950. It had traded in a tight range of 44.89-44.97.
The one-month onshore forward premium was at 22.50 points versus 24 at last close. The three-month was at 73 points from 74.50 and the one-year was at 244 points from 244.75. One-month offshore non-deliverable forward contracts were quoted at 45.14, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and the United Stock Exchange was at 44.9800, while that on the MCX-SX was at 44.9825. The total volume was at $9.18 billion.
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