The Indian rupee on Thursday clawed back from its deepest low in more than 11 months, buoyed by corporate dollar sales, but was reined in by persistent demand for the US unit from domestic oil firms and gold importers. The partially convertible rupee ended at 46.04/05 to a dollar, only marginally weaker from Wednesday's close of 45.99/46.00 but stronger than the intraday low of 46.215 - a level not seen since September 16.
The one-month onshore forward premium was at 9 points from 8.50 points Wednesday, the three-month was steady at 37 points and the one-year stood at 132.75 points, from 141. The one-month offshore non-deliverable forward contracts were quoted at 46.18, 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 ended at 46.0700, 46.0650, and 46.0600, respectively. The total volume was at $11.43 billion.
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