The Indian rupee strengthened on Wednesday, powered by gains in the euro and domestic equities after an improvement in global risk appetite, although strong dollar demand from oil companies and gold merchants limited the rise. The partially convertible rupee ended at 49.15/16 per dollar, 0.3 percent stronger than 49.29/30 on Tuesday after moving in a band of 49.10 to 49.2450 during trade.
The one-month onshore forward premium on the rupee was steady at 23.75 points from Monday, the three-month premium was at 66.25 points from 61 and the one-year premium was 155.25 points, from 135.75. The one-month offshore non-deliverable forward contracts were quoted at 49.37, weaker than the spot rupee 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 ended at 49.2550, 49.2500 and 49.2350, respectively. The total traded volume on the three exchanges was $5.03 billion.
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