The Indian rupee jumped to a four-and-half-month peak on Thursday as sharp losses in the dollar versus major currencies and inflows on the last day of the current fiscal year more than offset the demand for the greenback from oil importers. The partially convertible rupee closed at 44.59/60 per dollar, its highest since November 12 and 0.3 percent stronger than its previous close of 44.745/755.
It had traded in a range of 44.5175-44.7250 intraday. The one-month onshore forward premium was at 25 points, down from 25.25, the three-month premium at 77.00 points versus 78.25 and the one-year at 286.75 points from 288.00. The one-month offshore non-deliverable forward contracts were quoted at 44.82, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.7576, 44.7475 and 44.7625 respectively, with the total volume at about $6.5 billion.