The Indian rupee treaded water on Monday weighed by a choppy euro and dollar demand from local oil importers, with most traders preferring to stay on the sidelines a day prior to the central bank's policy review. The partially convertible rupee ended at 44.3950/4050 per dollar, 0.09 percent weaker than its Friday's close of 44.3625/3725, after moving in a narrow 44.3800-44.4350 band intra-day.
The one-month onshore forward premium was at 24.75 points versus 23.50 points on Friday, while the three-month was at 71.75 points from 72.25 points and the one-year was at 232.75 points versus 234.25. One-month offshore non-deliverable forward contracts were quoted at 44.54, weaker than the onshore spot rate.