The Indian rupee edged lower on Wednesday after moving in narrow band, dragged by choppy local shares and worries over the euro's future course, with traders eyeing US Federal Reserve's rate decision for more cues on the dollar. The partially convertible rupee ended at 44.8850/8950 per dollar, weaker than Tuesday's close of 44.84/85, after moving in a 44.8025-44.9050 range intraday.
The one-month onshore forward premium was at 23.50 points versus 25.25 at last close. The three-month was at 74.00 points from 72.75 and the one-year was at 245.25 points from 241.75. 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 all settled at 44.9425, with the total volume at $7.54 billion.
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