Re closes firm by 7 paise at Rs 44.82/83/USD

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Mumbai, Nov 3: The rupee today flared up modestly by seven paise and closed at 44.82/83 per US dollar as compared to the previous close of Rs 44.89/90 per USD, as the dollar's weakness against the Euro drifted down the rupee in the early trade, dealers said.

The domestic currency was slightly weak at 44.90 in the morning trade due to purchase of dollars by oil firms and importers. Post noon, the rupee clawed back and rose to 44.83 per USD due to the continuous strong Foreign Institutional Investors (FII) inflow into the market. The rupee appreciated during the course of the day and reached a level of 44.81/44.82 per USD.

The Forward Premia eased a bit as the premiums were too high over the last two weeks following the Reserve Bank of India (RBI) monetary policy review.

During the whole day's session trade, six-month forward premia were at 1.96 per cent and one-year forward premia quoted higher at 1.83 per cent.

The RBI today fixed the rupee reference rate low at Rs 44.84 per USD as compared to the previous Rs 44.93 per USD, a RBI spokesperson said.

However, the performance of the rupee against other currencies was mixed. The domestic currency closed down against Euro at Rs 57.26/28 (57.30/32) per unit, against Pound Sterling it was at Rs 85.57/59 (85.63) per unit and against Yen it was at Rs 38.26/28 (38.38) per 100 units.


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