The Indian rupee fell on Tuesday as customary month-end dollar demand from crude refiners and a fall in local shares triggered selling in the local currency. The partially convertible rupee ended at 45.08/09 per dollar, after touching 44.88, its strongest since September 10, 2008 and about 0.3 percent above its previous close of 44.9575/9675 on Monday.
It had touched an intraday low of 45.1450. The longer-term outlook for the rupee, however, remained bullish. A Reuters poll of FX strategists on BRIC currencies on Tuesday showed the rupee strengthening to 43.53 against the dollar by March 2011, supported by buoyant growth in Asia's third-biggest economy.
One-month offshore non-deliverable forward contracts were quoting at 45.09, close to the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX ended at 45.08 and 45.1625 respectively.
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