The Indian rupee failed to hold a rise to one-week highs, fading on Thursday afternoon as importers and oil firms bought dollars ahead of a long weekend, with traders cautious ahead of details of a rescue package for Greece. The partially convertible rupee closed at 46.50/51 per dollar, virtually steady with Wednesday's close of 46.49/50.
During the day, the rupee rose to 46.3750, its highest since February 4. One-month offshore non-deliverable forward contracts closed at 46.52/62, slightly weaker than the onshore spot rate. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX closed at 46.5375 and 46.5425 respectively, with the total traded volume on the two exchanges at about $3.5 billion.