The Indian rupee weakened on Monday, dragged by a weak euro and negative local shares, on renewed concerns that the United States may be slipping back into a recession which prompted investors to dump riskier assets. The partially convertible rupee ended at 45.9850/9950 per dollar, 0.4 percent weaker than Friday's close of 45.79/80, after trading in a 45.8450-46.0200 band intraday.
The one-month onshore forward premium was at 9.50 points from 11.75 points on Friday, the three-month at 34 points from 37.75 and the one-year at 125.50 points from 134. The one-month offshore non-deliverable forward contracts were quoted at 46.12, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange were at 46.0625, while those on the MCX-SX and the United Stock Exchange were both at 46.0600, with the total volume at $5.9 billion.
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