Rupee ends at two week low at 49.01 per US dollar

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Mumbai, Nov 14 (UNI) The Rupee today ended at a two week low at 49.01/02 against the US dollar as exporters cashed in on the currency's recent weakness and sold dollars even as lower crude prices bolstered the sentiment.

The partially convertible Rupee opened at 49.37 per dollar, off an intraday low of 49.49, which was its weakest since Oct. 31.

The rupee ended at 49.30/32 on Wednesday, when it fell 2.4 percent, its biggest single-day drop since Feb 1996. The market was closed on Thursday for a public holiday.

''Exporters see little downside for the rupee past the 49 level,'' a state-run bank trader said. lower global oil prices calmed worries about a widening trade deficit.

Oil, India's biggest import, traded around USD 58 a barrel. It has fallen from a record high above USD 147 touched in July. ''Lower oil prices coupled with new discoveries will likely result in an improvement in the trade and current account deficits,'' a leading dealer said.

However, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 49.46 per unit, strengthening by 69 paise, against its Wednesday's rate of Rs 48.79 per dollar. The reference rate for Euro also surged by Re 1.48 paise at Rs 62.96 per unit from its last close of Rs 61.48 per unit, a RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were lower by 1.80 (2.60) per cent and 1.50 (1.86) per cent respectively.

The Rupee closed weaker at 62.96/98 (62.02/04) per unit against the Euro. It closed at 73.16/18 (75.30/32) per unit against the Pound Sterling and at 50.88/90 (50/42/44) per hundred units aginst the Japanese Yen, brokers added.

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