The Indian rupee weakened on Tuesday, but recovered from a two-and-a-half week low aided by dollar sales by some corporates and a rebound in the euro. A late session turnaround in choppy domestic equities also supported the local unit. See for stories on local shares.
The partially convertible rupee ended at 44.4800/4900 per dollar, 0.07 percent weaker than its 44.45/46 close on Monday, but 0.5 percent stronger than its day's low of 44.7050 - a level not seen since March 31. The one-month onshore forward premium was at 27 basis points, up 1 basis point from previous close. The three-month was steady at 83.00 basis points and the one-year was at 320 basis points versus 317.25.
The one-month offshore non-deliverable forward contracts were quoted at 44.77, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, on the MCX-SX and the United Stock Exchange were at 44.5600, 44.5650 and 44.5625 respectively, with total volume at $11.13 billion.