The Indian rupee rose marginally on Wednesday, but was stuck in a narrow band, as demand for the dollar from oil importers offset local share gains and dollar inflows. The partially convertible rupee closed at 44.745/755 per dollar, 0.1 percent stronger than its previous close of 44.78/79. It had traded in a range of 44.7200-44.7950 intraday.
The one-month onshore forward premium was at 25.25 points, down from 27.50, the three-month premium at 78.25 points versus 82.75 and the one-year at 288.00 points from 296.25. The one-month offshore non-deliverable forward contracts were quoted at 44.98, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange were at 44.9400, and on the MCX-SX and the United Stock Exchange at 44.9450, with the total volume at about $5.48 billion.