The Indian rupee slipped to a fresh two-month low on Wednesday amid an equity market sell-off in late trade on reports of a federal probe into loans issued by financial institutions, while broad dollar gains also weighed. The partially convertible rupee closed at 45.6950/7050 per dollar, 0.3 percent below its 45.57/58 close on Tuesday. The rupee, however, recovered from the day's low of 45.8350, which was its lowest since September 21.
The one-year onshore dollar premium fell to 203.5 points from 214.75 points on Tuesday, while the six-month forward premium also fell to 116.75 points from 124 points at previous close. One-month offshore non-deliverable forward contracts were quoted at 45.99, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.74, 45.74 and 45.73 respectively, with the total traded volume on the three exchanges at a lower-than-average $6.1 billion.
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