The Indian rupee weakened to its lowest level in a week on Tuesday, as oil importers bought dollars to settle dues to Iran and tracking the euro that fell after investor focus returned to eurozone debt problems and the global economic recovery.
The partially convertible rupee ended at 44.27/28 per dollar, 0.5 percent weaker from Monday's close of 44.07/08. Intraday, rupee had weakened to 44.2950 - its lowest since July 26 - and had moved in a thin band of 44.1800 to 44.2950. The one-month onshore forward premium was at 22.25 points from 23.75 on Monday, while the three-month was at 64.75 points from 66.50 and the one-year was at 219.00 points from 220.50.
One-month offshore non-deliverable forward contracts were quoted at 44.47, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and the MCX-SX were both at 44.4500, while on the United Stock Exchange at 44.4550. The total volume stood at $14.48 billion.
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