The Indian rupee ended higher for the second straight session on Wednesday after trading in a narrow range, on dollar sales by some foreign banks, although a retreat in the euro and a fall in domestic equities capped gains. The rupee ended at 52.95/96 to the dollar, 0.5 percent stronger than its previous close of 53.21/22 after moving in a band of 52.91 to 53.20 in the session.
One-month offshore non-deliverable forward contracts were quoted at 53.27 rupees, indicating some more short-term weakness in 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 all ended around 53.30, with the total volume at $3.45 billion.
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