Mumbai, Oct 15 (UNI) The Rupee today closed lower by 46 paise at 48.52/54 against the US dollar from its last finish on worries about outflow funds and some good demand for greenbacks from foreign banks.
The Indian unit opened weaker at 48.34 per dollar and later fluctuated in a narrow range between 48.35 and 48.60 during the session.
Finally, the Rupee fell one percent to 48.52 per dollar at the end of the session following heavy losses in the local stock market and pressured by offshore related dollar demand, with central bank intervention helping it to pull back from the day's low. But it came off 48.62 when state-run banks sold dollars on behalf of the central bank, traders said. Rupee fell sharply on Wednesday as a fall in share prices triggered worries of an accelerated outflow of foreign funds, but traders said central bank intervention had lifted the currency off its lows.
The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 48.43 per unit, up by 72 paise, against yesterday's rate of Rs 47.71 per dollar. The reference rate for Euro also edged up by 79 paise at Rs 65.91 per unit from yesterday's rate of Rs 65.12 per unit, a RBI release said.
However, the six-month and annualised forward dollar premiums were higher 0.45 (0.15) per cent and 0.31 (0.23) per cent respectively.
The Rupee today drifted lower at 65.80/82 (66.10/11) per unit against the Euro. It closed at 84.78/80 (84.56/58) per unit against the Pound Sterling and at 47.92/94 (46.72/74) per hundred units against the Japanese Yen.
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