The Indian rupee rebounded from one-week lows on Wednesday on late gains in the domestic share market and dollar sales by exporters, but month-end demand for the US unit capped a sharp rise. The partially convertible rupee closed at 50.74/75 per dollar, off a low of 51.10, which was its weakest since March 19, and little changed from its previous close of 50.73/74.
"Trading was very choppy today, exporters were selling dollars above 50.80 levels, while gains in the share market helped. Rally in the Korean won also improved sentiment," a senior dealer with a foreign bank said. Dealers said month-end dollar demand from importers and oil refiners kept pressure on the rupee. One-month offshore non-deliverable forward contracts were at 51.20/30, weaker than the onshore spot rate.
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