The Indian rupee weakened on Tuesday, brushing off local equities gains, weighed by bleak outlook on global crude prices, a weak euro and the dollar's rise against major currencies. The partially convertible rupee weakened to close at 45.0750/0850 per dollar from Monday's 45.04/05 close. Intraday, the rupee moved in a thin band of 44.9875-45.1250.
One-month onshore forward premiums were trading at 26.25 points against 27.00 points on Monday, while the three- month premiums were at 76.75 points. The one-year was higher at 275.25 points, compared with 274.50 points at previous close. One-month offshore non-deliverable forward contracts were quoted at 45.37, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange ended at 45.2550, on the MCX-SX at 45.2625 and on the United Stock Exchange at 45.2600, with the total traded volume at $6.93 billion.