Rupee closes weaker at 44.66/68 per USD

Mumbai, Mar 27: The rupee today (Mar 27, 2006) closed slightly weaker at 44.66/68 per US dollar, as compared to the last close of 44.65/66, a foreign exchange (FOREX) dealer here said.

Earlier, the rupee opened stronger by nine paise at 44.56/58 per US dollar, as compared to the last close of 44.65/66, the dealer added.

The huge surge in the foreign exchange reserves last week by more than USD two bilion to above USD 146 billion supported stronger opening by rupee.

But later in the mid-morning session, rupee weakened sharply to 44.66/68 per US dollar due to huge surge in crude oil prices, the dealer added.

Despite a weaker US dollar, rupee closed weaker as banks bought dollar, an analyst said.

The crude oil price was quoted at Rs 64.30 in the New York Mercantile Exchange (NYMEX) which was much higher than the recent price of around USD 60 per barrel.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was unchanged at 44.66.

The six-month forward premia ended lower at 1.87 per cent, as compared to Thursday's close at 1.92 per cent.

The one-year forward premia also ended lower at 1.67 per cent, as compared to the last close at 1.68 per cent.

The cross-currency closing rate for the rupee against the euro was 53.72(53.35) which was 37 paise higher, for pound sterling it was 78.06(77.24) which was 82 paise higher and for the Japanese yen it was 38.33(37.73), which was 60 paise higher.

UNI