The Indian rupee recovered on Monday from the 30-month low hit in the previous session, as a rally in domestic equities fuelled hopes for foreign fund inflows, although the euro's weakness against the dollar toppled the local unit off the day's high. The partially convertible rupee closed at 49.8250/8350 to a dollar, after touching a high of 49.80 earlier. The unit had closed at 50.02/03 on Friday, when it had dipped to 50.32, a level not seen since April 28, 2009.
The one-month onshore forward premium on the rupee was at 25.25 points from 26.50 on Friday, the three-month premium was steady at 64.5 points and the one-year premium was at 150 points, from 143.5. The one-month offshore non-deliverable forward contracts were quoted at 49.82, steady versus the spot rupee 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 all at 49.86. The total traded volume on the three exchanges was $5.5 billion.
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