Rupee closes weaker by 11 paise at 44.65/66 per USD

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Mumbai, Mar 24: The rupee today (Mar 24, 2006) closed 11 paise weaker at 44.65/66 per US dollar as compared to the last close of 44.54/55, a foreign exchange (FOREX) dealer here said.

Earlier, the rupee today opened with a gap of eight paise at 44.62/64 per US dollar, as compared to the last close of 44.54/55 on the back of signs of turnaround in the US economy.

Later in the mid-morning session rupee weakened further to 44.67/68 per US dollar, the dealer added.

A weaker euro from yesterday's level and yen moving up made rupee weaker as US dollar moved up due to just released US data showing new home sales going up, the dealer informed.

New home sales catching up meant turnaround in the US economy and people were having excess money to invest in real estate, which might prompt US Federal Reserve to hike interest rates in the long term, said an analyst.

The local banks buying US dollar also put pressure on the rupee.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.66, 11 paise down.

The six-month forward premia ended lower at 1.92 per cent as compared to Thursday's close at 2.13 per cent.

The one-year forward premia also ended lower at 1.68 per cent as compared to the last close at 1.79 per cent.

The cross-currency closing rate for the rupee against the euro was 53.35(53.61) which was 26 paise lower, for the pound sterling it was 77.24(77.43) which was 19 paise lower and for the Japanese yen it was 37.73(37.97) which 24 paise lower.

UNI

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