Rupee closes weaker by four paise at 44.54/56 per USD

Mumbai, Mar 23: The rupee today (Mar 23, 2006) closed four paise weaker at 44.54/55 per US dollar as compared to the last close of 44.50/51, said a Foreign Exchange (FOREX) dealer here.

Earlier the rupee today opened weaker at 44.51/52 per US dollar as compared to the last close of 44.50/51, said a foreign exchange (forex) dealer here.

The rupee weakened to 44.56/57 per US dollar in the mid-morning trade on weaker sentiments and pressure due to the month-end demand.

The crude oil prices in the New York Mercantile Exchange (NYMEX) stayed above the USD 62 per barrel mark at USD 62.63 per barrel putting pressure on the rupee.

The stock market's benchmark index BSE Sensex's volatile trading and flat closing at 10,840 points, also put pressure on the rupee.

The meager foreign fund inflow of Rs 181.70 crore in the equity markets on March 21 had a negative impact on the rupee too considering a robust flow earlier on.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.55, seven paise down.

The six-month forward premia ended lower at 2.13 per cent as compared to Wednesday's close at 2.52 per cent.

The one-year forward premia also ended lower at 1.79 per cent as compared to the last close at 2.02 per cent.

The cross-currency closing rate for the rupee against the euro was 53.61(53.70) which was nine paise lower, for the pound sterling it was 77.43 (77.62) which was 19 paise lower and for the Japanese yen it was 37.97 (37.97) which remained unchanged.

UNI