Indian rupee continued to trade higher in late morning trade as traders avoid building positions as there was no clarity on dollar's movement against other currencies
The partially convertible rupee was seen trading at Rupee 48.82 per dollar at 11.45 a.m as against Tuesday’s close of 48.96 per dollar.
Premium on one year forward dollars contracts was at 2.18-2.22%, unchanged from previous close. Spot rupee was trading in a tight band of Rs 48.77 per dollar and Rs 48.83 per dollar in muted business with no significant inflows in both local currency market and equity market, dealers said.
Rupee was slightly up in the futures market too. Jul 29 futures contract was trading at Rs 48.8650 per dollar on MCX-SX and Rs 48.8675 per dollar on NSE.
Tuesday's settlement was Rs 48.9825 per dollar on MCX-SX and Rs 48.9875 per dollar on NSE.
