The Indian rupee rose on Monday powered by robust dollar inflows on improved risk appetite after Greece moved a step closer to securing much-needed bailout funds to avoid a messy default. The rupee ended at 49.19/20 to the dollar, stronger than Friday's close of 49.40/41. It moved in a band of 49.1250 to 49.5400 during the session.
"Strength is coming back into the rupee," said Naveen Raghuvanshi, associate vice-president of forex trading at Development Credit Bank. One-month offshore non-deliverable forward contracts were at 49.5. 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 49.38, on total volume of $5.14 billion.