The Indian rupee inched up in choppy trade on Thursday, tracking the euro's moves against the dollar and supported by positive local shares, but importers' demand for the greenback capped major gains. The partially convertible rupee ended at 44.97/98 per dollar, a tad stronger than Wednesday's close of 45.055/065. It has traded in a range of 44.9250-45.0500 during the day.
The one-month onshore forward premium was at 23.75 points from the previous 22.25. The one-month offshore non-deliverable forward contracts were quoted at 45.17, 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 United Stock Exchange were at 45.0400, 45.0350 and 45.0325, respectively. Total volume was $8.08 billion.