Indian rupee dips to over a month

The Indian rupee fell to its lowest level in more than a month on Tuesday as losses in domestic shares and month-end dollar demand outweighed positive sentiment due to losses in the dollar versus major currencies. The partially convertible rupee closed at 47.07/08 per dollar, after touching 47.0950, its weakest since July 22, and 0.3 percent weaker than 46.91/92 at close on Monday. The unit fell 1.4 percent in August.
One-month offshore non-deliverable forward contracts were quoted at 47.30, weaker than the onshore spot rate, suggesting a bearish near-term outlook. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 47.2525 and 47.2550 respectively, with the total traded volume on the two exchanges at about $5.3 billion.