Indian rupee off lows

The Indian rupee ended off the day's lows on Monday, tracking a modest recovery in the euro, but outlook for the local unit continues to stay bleak amid weakening macro-economic fundamentals and tapering foreign fund inflows. The partially convertible rupee closed at 49.15/16 per dollar, off the day's low of 49.57 but 0.4 percent weaker than Thursday's close of 48.97/98.
The domestic currency market was shut on Friday for half-yearly closing of banks' accounts. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, United Stock Exchange and MCX-SX ended at 49.3975, 49.3750 and 49.3925, respectively. The total traded volume on the three exchanges was $5.4 billion.