The Indian rupee ended a four-day winning streak on Monday, reversing early gains that saw it rise to a more than four-and-a-half month high, as dollar demand from local oil refiners and big companies offset a rise in local shares. A report by rating agency Standard & Poor's outlining the numerous hurdles faced by India in maintaining its stable rating outlook and the lingering Greek debt crisis weighed on the unit.
The rupee ended at 49.05/06 to the dollar after touching 48.60, its highest since September 21, and weaker than its 48.6850/6950 close on Friday. One-month offshore non-deliverable forward contracts were at 49.35. 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 all ended around 49.27, on total volume of $5.47 billion.