The Indian rupee posted its biggest single-day gain in two months on Wednesday tracking a sharp rebound in the euro, while dollar sales by exporters and a couple of large corporates also helped. The partially convertible rupee closed at 45.37/38 per dollar, after hitting 45.3350, its highest since November 22. The unit closed at 45.88/89 on Tuesday, when it had dipped to 46.12, its weakest since September 17.
On the day, the rupee rose 1.1 percent, its biggest single-day rise since October 1. The one-year onshore dollar premium rose to 210 points from Tuesday's close of 204 points. One-month offshore non-deliverable forward contracts were at 45.61, weaker than the onshore spot rate, suggesting a bearish near-term outlook.
In the currency futures market, the most traded near-month dollar-rupee contract on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.6175, 45.62 and 45.62 respectively, with the total traded volume on the three exchanges at an average $6.5 billion.
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