The Indian rupee dropped to a one-week low late on Monday as share losses and the dollar's gains versus major currencies offset the positive sentiment post the Reserve Bank of India's surprise rate hike late on Friday. The partially convertible rupee closed at 45.59/60 per dollar, after touching 45.5975, its weakest since March 15 and 0.2 percent below its Friday's close of 45.50/51. The unit traded in a band of 45.4775-45.5975.
One-month offshore non-deliverable forward contracts were at 45.69, weaker than the onshore spot rate. The one-year onshore dollar premium edged as high as 136 points from 129.50 points at close on Friday. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX both closed at 45.5475, with the total traded volume on the two exchanges at nearly $6 billion.
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