The dollar closed at 49.49 rupees Wednesday; in offshore trade in nondeliverable forwards Thursday, it was at 50.20-50.50 rupees, with traders saying the 50-rupee level would be key.
There are new problems on the horizon, just beyond those oil platforms offshore. The real has gained almost 50% against the dollar since early December.
The gap between the currency's dollar rate offshore and the more restricted onshore market has widened recently which implies international markets are pricing in more weakening.