Rupee hits a fresh 2-year low, ends at 44.83/84 per USD

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Mumbai, Sep 9 (UNI) The Rupee today tumbled to a fresh two-year low to close at 44.83/84 per US Dollar, weakening by nearly twenty paise from its previous close of 44.64/65 as the US unit gained against other major currencies.

The Indian unit was pushed down against the greenback today, weighed down by the dollar's broad strength against a basket of currencies, but central bank intervention checked a sharper decline, dealers said.

The Rupee touched an intra day low of 44.93 per dollar, a level it last tested in late November 2006, but later recovered on suspected intervention by the Reserve Bank.

Dealers were of the view that rupee would be under pressure in the future session but the Central Bank is expected to prevent its sharp slide against the greenback.

Meanwhile, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 44.89 per unit, up by 63 paise, against the previous day's rate of Rs 44.26 per dollar.

The six-month and annualised forward dollar premium was quoted higher at 3.07 (2.92) per cent and 2.68 (2.63) per cent respectively.

The Rupee ended the day weaker at 63.32 (63.37) per unit against the Euro. It closed at 78.85 (78.50) per unit against the Pound Sterling. Rupee ended at 41.41 (41.02) per hundred units against the Japanese Yen.


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