The Indian rupee weakened in late trade on Tuesday, giving up all its intraday gains and snapping a straight three-day rally, on importer dollar demand and as the greenback turned positive against majors. The partially convertible rupee ended at 46.445/455 per dollar, weaker than 46.40/41 at close on Monday when it had risen to 46.2650, its highest since August 10.
The rupee traded in a band of 46.2800-46.4600 intra-day. The one-year onshore annualised forward premium came off by nearly 23 basis points to 4.64 percent after the August inflation eased. One-month offshore non-deliverable forward contracts were quoted at 46.60, weaker than 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 were both at 46.5475, with the total traded volume on the two exchanges at about $6.3 billion.
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