The Indian rupee retreated from its lowest level in 7 weeks on Thursday as a late pull-back in shares and a reversal in the dollar's gains versus majors prompted banks to liquidate long positions in the US unit. The partially convertible rupee closed at 45.53/54 per dollar, off the day's low of 45.71 - its weakest since December 1, and 0.2 percent below Wednesday's close of 45.45/46.
One-month offshore non-deliverable forward contracts were quoted at 45.85, 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 closed at 45.58. while those on the MCX-SX at 45.5825. The total traded volume on the three exchanges was an average $6.4 billion.