The Indian rupee rose on Wednesday as euro's march against the dollar helped offset a sustained weakness in local shares, with the euro's moves and importer dollar demand seen providing near-term directional cues. The partially convertible rupee ended at 44.4650/4750 per dollar, 0.1 percent stronger than its 44.51/52 previous close. It moved in 44.4650-44.6000 band intraday.
The one-month onshore forward premium was at 26.00 basis points (bps) versus 27 bps at its previous close. The three-month was at 82.75 bps from 81.25 bps and the one-year was at 321.75 bps compared with 322.25 bps. The one-month offshore non-deliverable forward contracts were quoted at 44.70, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.6825, 44.6800, 44.6850 respectively, with total volume at $9.40 billion.