The Indian rupee rose on Tuesday aided by a rebound in domestic equities, but lack of clarity on how European policymakers intend to resolve the region's debt crisis kept the euro choppy, limiting the gains. The partially convertible rupee ended at 49.065/075 to a dollar, stronger than its Monday's close of 49.445/455, after moving in a band of 49.06-49.30 during trade.
The one-month onshore forward premium was at 21.75 points from 21.25 on Monday, the three-month was at 65.50 points from 64.50 and the one-year was at 129 points from 127. The one-month offshore non-deliverable forward contracts were quoted at 49.33, weaker than the onshore spot rate, suggesting a bearish near-term outlook.
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 were at 49.2700, 49.2825, and 49.2800 respectively. The total traded volume on the three exchanges was $5.99 billion.
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