The Indian rupee reversed most early losses on Thursday helped by dollar sales by some state-run banks and corporates, but losses in local shares and a weak euro limited the rise. The partially convertible rupee ended at 51.75/76 per dollar, 0.07 percent weaker from Wednesday's close of 51.715/725, but much stronger than the day's low of 51.9250.
The one-month offshore non-deliverable forward contracts were quoted at 52.16, below the onshore spot rate and indicating a bearish near-term outlook. The one-month onshore forward dollar premium was at 28.50 points from 27.75 on Wednesday, the three-month was at 73 points from 69.50 points, and the one-year premium was at 211.50 points from 201.50.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and the MCX-SX both ended at 51.9425, while on the United Stock Exchange they closed at 51.95. The total volume was at $3.97 billion.
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