The Indian rupee ended off highs on Thursday after trading in a narrow band as strong month-end dollar demand from importers offset positive local shares and the euro's gains against the dollar. The partially convertible rupee ended at 45.30/31 per dollar, 0.1 percent stronger than Wednes-day's close of 45.3475/3550. It had traded in a 45.20-45.335 range during the day.
The one-month onshore forward premium was steady at 21.50 points. The three-month was at 69.50 points versus 69.75 at previous close and the one-year was at 263 points against 256.75. The one-month offshore non-deliverable forward contracts were quoted at 45.50, 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 45.3050, 45.3075 and 45.3100 respectively, with the total volume at $9.6 billion.