The Indian rupee sat tight on Tuesday, in the absence of any fresh directional cues, as a strong but choppy euro chipped away support from local share gains and strong Asian currencies. The partially convertible rupee ended 45.03/04 per dollar, steady from Monday's close. Intraday, the local unit had moved between 44.96 and 45.0675.
The one-month onshore forward premium was at 20 points versus 21 on Monday. The three-month was at 70 points from 71 and the one-year was steady at 243 points. One-month offshore non-deliverable forward contracts were quoted at 45.24, 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 United Stock Exchange and on the MCX-SX were at 45.2550, 45.2575 and 45.2500 respectively. The total volume was at $7.27 billion.