The rupee on Monday bounced off a five-and-half month high on dollar short-covering as local shares retreated from the day's high and as the euro dropped sharply against the US unit. The partially convertible rupee closed at 44.57/58 per dollar, after hitting 44.2525 early in the session, its strongest since April 15 and 0.2 percent weaker than its 44.47/48 close last Friday.
One-month offshore non-deliverable forward contracts were quoted at 44.74, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.7550, 44.7525 and 44.7575 respectively.
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