The Indian rupee rose for the second straight day on Thursday boosted by the dollar's sharp losses against major currencies and a rebound in the domestic sharemarket. The partially convertible rupee closed at 47.1250/1350 per dollar, off the day's low of 47.35 and little stronger than Wednesday's close of 47.16/17. On Monday, the rupee had dropped as low as 47.3850, its weakest since June 7.
One-month offshore non-deliverable forward contracts were quoted at 47.35, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX both closed at 47.1775 respectively, with the total traded volume on the two exchanges at about $5.1 billion.