The Indian rupee strengthened on Friday, but eased off a two-month high hit earlier, as robust dollar inflows and gains in Asian currencies helped offset weak local shares. The partially convertible rupee ended at 44.3250/3350 per dollar, 0.23 percent stronger from Thursday's close of 44.4250/4350. It rose as much as 44.3000 - a level not seen since May 3.
The one-month onshore forward premium was at 23.75 points from 24 points at last close, while the three-month rose to 73 points from 72.75 and the one-year was at 249 points versus 246.5. One-month offshore non-deliverable forward contracts were quoted at 44.44, 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 44.4600, 44.4625 and 44.4500 respectively. The total volume was at $8.93 billion.