The Indian rupee weakened in choppy Wednesday session, plunging from a two-month high touched against the dollar earlier, dragged by losses in the euro and China's rate hike. The partially convertible rupee ended at 44.4750/4850 per dollar, after touching 44.3350-its highest since May 3 and down 0.11 percent from its previous close.
The one-month onshore forward premium ended at 24.25 points from 25.25 at close on Tuesday, the three-month ended unchanged at 75.75 points, and the one-year was at 249 points versus 258 in the previous session.
One-month offshore non-deliverable forward contracts were quoted at 44.64, 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 ended at 44.6450, 44.6475 and 44.6500 respectively. The total volume was at $11.2 billion.