Rupee holds firm at 44.37/38 per USD

Mumbai, March 2 (UNI) The rupee today closed firm at 44.37/38 as against the last close of 44.3650/3750, a dealer at the forex market here said.

Besides good foreign fund inflow of Rs 201.80 crore in the equity markets on Tuesday, the Bombay Stock Exchange (BSE) benchmark index was up by 61 points today to a new all time high of 10,626 points, which supported rupee at the upper levels.

However, the crude oil prices at USD 62.25 a barrel in the New York Mercantile Exchange (NYMEX) limited rupee's upward move somewhat.

Also the dollar was regaining ground after US economic data showed better performance by the manufacturing sector.

In the morning the rupee opened flat at 44.38/39 against the US dollar as compared to yesterday's close of 44.3650/3750, the dealer added.

The rupee traded in the range of 44.34 and 44.39 per dollar in the mid-morning session.

RBI fixed the reference rate for the rupee at 44.34 per USD.

The six-month forward premia ended lower at 2.36 per cent from Wednesday's close at 2.45 per cent.

The one-year forward premia closed lower at 1.86 per cent, as compared to the last close of 1.93 per cent.

The cross-currency rate for the rupee against the euro was 53 (52.95), up by five paise; for pound sterling it was 77.60(77.85), closing down 25 paise from its last close and for the Japanese yen it was 38.18(38.15), up by three paise.

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