The Indian rupee regained lost ground in a choppy session on Tuesday, propelled by strong foreign fund inflows, but a softer euro and weak Asian currencies hampered further rise. The partially convertible rupee ended at 44.4250/4350 per dollar, unchanged from Monday's close, but stronger than the day's low of 44.5350. Intra-day, the local unit had hit a high of 44.3800.
The one-month onshore forward premium was at 25.25 points from 27 at last close, the three-month was at 75.75 points from 77.25, and the one-year was at 258 points from 260. One-month offshore non-deliverable forward contracts were quoted at 44.58, 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 44.6125, 44.6100 and 44.6175 respectively. The total volume was at $8.87 billion.