The Indian rupee strengthened to its best level in a month on Monday buoyed by gains in the domestic share market and a broadly weaker US dollar. The partially convertible rupee closed at 46.29/30 per dollar, off a high of 46.2675, its highest since December 4, but well above its close of 46.61/62 last Friday.
One-month offshore non-deliverable forwards contract were quoted at 46.23/31, little changed than the onshore spot rate. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX closed at 46.37 and 46.3650 respectively, with the total traded volume on the two exchanges at a record high $6 billion.
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