The Indian rupee surged on Wednesday in anticipation of large dollar inflows due to a planned take-over of Indian outsourcing company Intelenet by Britain's Serco , but the local unit pulled back from a near three-week high on a volatile euro.
The partially convertible rupee ended at 44.84/85 per dollar, 0.5 percent stronger from last close of 45.06/07. Earlier, it had touched 44.77 - a level not seen since May 12.
The one-month onshore forward premium was at 24 points versus 22.5 last close. The three-month was at 74 points versus 66.50 and the one-year was at 268.5 points versus 249.50.
The one-month offshore non-deliverable forward contracts were quoted at 45.03, 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 45.0450, 45.0500, 45.0525 respectively. Total volume was $9.44 billion.