The Indian rupee pulled off from one-month highs on Monday driven by dollar purchases by importers, but still closed stronger on the day, helped by gains in local shares and the dollar's drop versus major currencies. The partially convertible rupee closed at 46.24/25, off the day's high of 46.11, its highest since June 28 and 0.3 percent above its 46.40/41 close on Friday.
One-month offshore non-deliverable forward contracts were quoted at 46.44, 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 closed at 46.4400 and 46.4450 respectively, with the total traded volume on the two exchanges at about $4.1 billion.