Rupee closes seven paise weaker at 44.50/51 per USD

Mumbai, Mar 22 (UNI) With US dollar gaining against other international currencies and govt banks buying dollar the rupee today closed seven paise weaker at 44.50/51 per US dollar as compared to the last close of 44.43/44, said a Foreign Exchange (FOREX) dealer here.

Earlier the rupee opened weaker at 44.45/46 per US dollar as compared to the last close of 44.43/44, added the dealer.

It weakened further by two to three paise to 44.4750/4,850 per US dollar in the mid-morning trade.

The crude oil prices in the New York Mercantile Exchange (NYMEX) bounced back to USD 62.46 per barrel today as against yesterday's price of USD 60.20 per barrel, putting pressure on the rupee.

The stock market's benchmark index BSE Sensex closed 63 points lower at 10,841 points, which also put pressure on the rupee along with a meager inflow of foreign funds worth USD 39 million in the equity markets on March 20.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.47, nine paise down.

The six-month forward premia ended lower at 2.52 per cent as compared to Tuesday's close at 2.69 per cent.

The one-year forward premia also ended higher at 2.02 per cent as compared to the last close at 2.13 per cent.

The cross-currency closing rate for the rupee against the euro was 53.70(53.90) which was 20 paise lower, for the pound sterling it was 77.62 (77.57) which was five paise lower and for the Japanese yen it was 37.97 (38.00) which was three paise lower.

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