The Indian rupee gained on Friday in tandem with the surge in domestic equities and the common European currency's rise. The partially convertible rupee ended at 44.85/86 per dollar after moving in a 44.83-45.05 range. It closed at 44.985/995 on Thursday. However, the rupee as fallen around 0.6 percent so far this year.
In comparison, the Singapore dollar, the Taiwanese dollar and the Korean won have risen by over 3 percent, about 6 percent and 4 percent, respectively. The one-month onshore forward premium was at 27.50 points versus 25.25 points last close. The three-month was at 77.75 points against 77.25 points and the one-year was at 292.25 points compared with 290.25 points.
The one-month offshore non-deliverable forward contracts were quoted at 45.11, 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 44.9750, 44.9775, 44.9775, with total volume at $10 billion.