Rupee opens stronger at 44.56/58 per USD but weakens later

Mumbai, Mar 27 (UNI) The rupee today opened stronger by nine paise at 44.56/58 per US dollar as compared to the last close of 44.65/66, said a foreign exchange (forex) dealer here.

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.

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

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