Rupee bounces back to 44.64/65/USD after sharp fall

Mumbai, Mar 28: The rupee today (Mar 28, 2006) bounced back and closed firm at 44.64/65 per US dollar after dipping sharply to 44.75.

It had closed at 44.66/68 yesterday.

Earlier, the rupee fell sharply in the intra-day trade dipping to 44.75.

However, later during the day rupee recovered as US dollar weakend versus other currencies as well as due to selling of Dollars by the exporters and the foreign Instituional investors.

In the morning the rupee opened at 44.68/70 per USD, as compared to the last close of 44.66/68.

The crude oil price was quoted at Rs 64.40 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 1.91 per cent, as compared to Monday's close at 1.87 per cent.

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

The cross-currency closing rate for the rupee against the euro was 53.80 (53.72) which was eight paise higher, for pound sterling it was 77.96 (78.06) which was 10 paise lower and for the Japanese yen it was 38.20 (38.33), which was 13 paise lower.

UNI