The Indian rupee strengthened on Wednesday, snapping its two-day losing trend, powered by the euro's bounce against the dollar and strong local shares, but traders said it may not hold gains as the single currency looks vulnerable. The partially convertible rupee ended at 44.52/53 per dollar, 0.4 percent stronger than its 44.7050/7150 close on Tuesday.
The one-month onshore forward premium was at 23.50 points from 24.25 on Tuesday, while the three-month was at 70.75 points from 68.75 and the one-year was at 235.25 points versus 230.75. One-month offshore non-deliverable forward contracts were quoted at 44.68, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange was at 44.6125, while those on the MCX-SX and the United Stock Exchange were both at 44.6150. The total volume was at $9.62 billion.
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