The Indian rupee had a muted start to 2011, ending unchanged on Monday as positive factors including higher local shares, capital inflows and firm Asian peers were offset by importer dollar demand and global dollar gains. The partially convertible rupee ended at 44.70/71 per dollar, flat from Friday's close. It moved in a tight range of 44.65-44.78.
On Friday, the rupee had posted its best single-day gain in three weeks, while it rose 4.1 percent in 2010, compared with 4.7 percent in 2009. The euro fell against the dollar on Monday in the first trading session of 2011, reversing year-end gains on persisting concerns about eurozone debt.
The index of the dollar against six major currencies was up 0.34 percent at 79.297 points at close of local market. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 44.9225 and 44.9200, respectively, with the total traded volume on the two exchanges at $4.2 billion. One-month offshore non-deliverable forward contracts were at 44.94, weaker than the onshore spot rate. The one-year onshore forward premium closed at 261.75 points, compared with 257.25 points on Friday.