Rupee closes eight paise stronger at 44.62/63/USD

Mumbai, Mar 31: Rupee closed eight paise stronger at 44.62/63 per US dollar as compared to the last close of 44.70/71.

Earlier in the morning, rupee opened stronger at 44.61/63 per US dollar, as compared to the last close of 44.70/71 on the back of good gains in the equity markets.

The rupee traded at 44.63/65 in the mid-morning session.

The higher crude oil price which was above USD 67 per barrel in the New York Mercantile Exchange (NYMEX), which was highest price in the last eight weeks, didn't impact rupee so much.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.61, which was eight paise higher.

The six-month forward premia ended higher at 2.06 per cent, as compared to Wednesday's close at 1.94 per cent.

The one-year forward premia also ended higher at 1.86 per cent, as compared to the last close at 1.75 per cent.

The cross-currency closing rate for the rupee against the euro was 53.96(53.65) which was 31 paise higher, for pound sterling it was 77.42(77.55), which was 13 paise lower and for the Japanese yen it was 37.89 (38.90), which was a paisa lower.

UNI