The Indian rupee reversed intraday losses on Wednesday, buoyed by dollar inflows and gains in the euro, although trade remained choppy as investors fretted over Europe's plan to resolve its debt crisis after Greece's referendum call. The partially convertible rupee ended at 49.18/19 per dollar, 0.2 percent stronger from Tuesday's close of 49.27/28 and after trading in a wide band of 49.15 to 49.42 in the day.
The one-month onshore forward premium on the rupee was at 26.75 points from 28 on Tuesday, the three-month premium was at 69.75 points from 66.50 and the one-year premium was at 170.25 points from 161.25 points. The one-month offshore non-deliverable forward contracts were quoted at 49.52, weaker versus the spot rupee rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange ended at 49.4150 while those on the MCX-SX and the United Stock Exchange both ended at 49.4200. The total traded volume on the three exchanges was $4.04 billion.
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