The Indian rupee weakened on Monday, weighed by losses in the euro versus the dollar but gains in domestic shares helped limit further downside. The partially convertible rupee closed at 45.67/68 per dollar, weaker from 45.615/625 at close on Friday when it touched a seven-week low of 45.77.
India's central bank may resume its rate hike cycle at the quarterly monetary policy review on Tuesday as soaring inflation stalks Asia's third-largest economy.
One-month offshore non-deliverable forward contracts were quoted at 45.96, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange closed at 45.7175, 45.7150 and 45.7125, respectively, with the total traded volume on the three exchanges at $591 billion.-Reuters
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