The Indian rupee fell on Tuesday tracking a shaky start in local shares and a firmer dollar overseas, and traders awaited the central bank's monetary policy at around 0530 GMT for direction. At 10:10 am (0440 GMT), the partially convertible rupee was at 44.4150/4175 per dollar, weaker than 44.33/34 at close on Monday.
The one-month onshore forward premium was steady at 27.50 points, the three-month was at 81.75 points up from 81.50 and the one-year was at 322.25 points, up from 318 points. The one-month offshore non-deliverable forward contracts were quoted at 44.61, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and the United Stock Exchange were all at 44.6450 with total volume at $1.18 billion.