The Indian rupee hit its weakest level in more than two months on Monday, pressured by the euro's slide and weakness in local equities, but dollar sales by exporters pulled it off lows. The partially convertible rupee ended at 45.23/24 per dollar, half a percent below its previous close of 45.01/02. During the day, the rupee had weakened to 45.3225, a level not seen since March 15.
The one-month onshore forward premium was at 22.00 points versus 22.50 points last close. The one-month offshore non-deliverable forward contracts were quoted at 45.45, 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 45.2750, 45.2750, 45.2775 respectively, with the total volume at $8.96 billion.