The Indian rupee closed stronger on Tuesday on local share gains and dollar inflows from corporate borrowings ahead of the fiscal year end on Thursday, but oil import payments capped the uptick. The partially convertible rupee ended at 44.78/79 per dollar, 0.1 percent stronger than its 44.83/84 close on Monday. It had traded in a range of 44.6650-44.8250 intraday.
The one-month onshore forward premium dropped 2 points to 28, the three-month premium fell 2.5 points to 83 and the one-year to 296.00 points from 301. The one-month offshore non-deliverable forward contracts were quoted at 45.07, weaker than the onshore spot 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 were all at 45.0700, with the total volume at about $4.5 billion.
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