The Indian rupee rose on Wednesday, snapping a three-day losing streak, as a steadier euro helped, but traders remained cautious ahead of key global events and the Reserve Bank of India's policy meeting next week. The rupee has been in a consolidation phase since it hit a record low of 56.52 to the dollar on May 31, but few traders are willing to bet on a sustained recovery.
The partially convertible rupee closed at 55.68/69 per dollar as per SBI data, stronger than Tuesday's close of 55.80/81. The one-month offshore non-deliverable forward contracts were at 56.01 while the three-month was 56.79. 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 55.79 on a total volume of $3.5 billion.
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