Rupee closes firm at 44.35/36 per USD

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Mumbai, Sep 04 (UNI) The Rupee today closed firm at 44.35/36 against the US Dollar amid high volatility, stronger by nearly eight paise from its previous close of 44.43/44.

After opening the session on a flat note in early trade, the Indian unit traded in wide range band between 44.21 and 44.54 per dollar on bouts of volatility in the inter bank foreign exchange market, dealers said.

''It was an extremely volatile session today as market witnessed alternate flushes of supply and demand of the US unit throughout the day,'' Development Credit Bank's Associate Vice-President Navin Raghuvanshi said.

He said moreover rupee was less influenced by any technical fundamentals and its move was totally controlled by the demand and supply participation by corporates in the market.

''It has hit a day's high at 44.21 per dollar as a big corporate sold huge ammount of dollars in the afternoon trade but later on due to constant demand from other corporates it rebounded,'' Mr Raghuvanshi observed.

However, the suspected intervention by the Reserve Bank of India during the day also helped to rupee to improve against the dollar, he added.

Meanwhile, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 44.45 per unit, up by 19 paise, against the previous day's rate of Rs 44.26.

The six-month and annualised forward dollar premium was quoted higher at 2.67 (2.32) per cent and 2.48 (2.29) per cent, respectively.

The Rupee ended the day on flat note at 64.39 per unit against the Euro. It closed at 79.17 (79.18) per unit against the Pound Sterling. Rupee ended at 41.09 (40.52) per hundred units against the Japanese Yen.

UNI PP OBB AG1826

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