Bharti's up to $830 million initial public offering was fully covered by Thursday, a day ahead of issue close. The rupee's losses were also caused by a rebound in the global dollar on Thursday as investors looked past an expected Fed outcome and booked profits on short dollar positions. "The recovery in the global dollar and a fall in stocks just turned the tide against the rupee," said Hemal Doshi, currency strategist at Geojit Comtrade.
"Unless the USD/INR closes below 54.25, it will stay in a 54.25-54.80 range." The partially convertible rupee closed at 54.46/47 per dollar, weaker than its Wednesday's close of 54.32/33. In the offshore non-deliverable forwards, the one-month contract was at 54.78, while the three-month was at 55.31. 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 all closed at around 54.6450, with total traded volume of $5.2 billion.