The Indian rupee gained on Monday as the US debt deal on late Sunday evening stoked risk appetite and propelled equity markets higher globally along with most Asian currencies, but dollar buying for Iran oil dues capped the rupee's rise The partially convertible rupee ended at 44.07/08 per dollar, 0.3 percent stronger from Friday's 44.185/195 close.
"Bias of the rupee is towards strengthening. The upside (resistance for rupee) could be at 43.90 as scope for the euro's rise seems limited. But the downside (support for rupee) could be 44.20 due to exporters," said Naveen Raghuvanshi, an associate vice president at Development Credit Bank.
The one-month onshore forward premium was at 23.75 points from 24 on Friday, while the three-month was at 66.50 points from 72.25 and the one-year was at 220.50 points from 240. One-month offshore non-deliverable forward contracts were quoted at 44.18, 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 44.2525, 44.2550 and 44.2600, respectively. The total volume stood at $10.37 billion.
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