The Indian rupee strengthened on Wednesday, tracking the euro and Asian peers, as view the eurozone summit on Thursday would likely outline a solution to the region's deepening debt crisis gathered steam, but negative local shares weighed.
The partially convertible rupee ended at 44.45/46 per dollar, 0.1 percent stronger than Tuesday's close of 44.49/50, after moving in a 44.4450-44.5000 band intra-day. The one-month onshore forward premium was at 24.00 points from 25 points on Tuesday, while the three-month was at 71.75 points from 70.25 and the one-year was at 228.75 points versus 227.25.
One-month offshore non-deliverable forward contracts were quoted at 44.62, 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 at 44.5100, 44.5125 and 44.5075, respectively. The total volume was at $8.20 billion.
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