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Rupee closes strong at 44.6850/6950 per USD

Written by: Staff

Mumbai, Apr 7: Rupee closed stronger at 44.6850/6950 per US dollar as compared to the last close of 44.71/72, said a foreign exchange (forex) dealer here.

Earlier rupee opened flat at 44.70/71 per US dollar as compared to the last close of 44.71/72, the dealer added.

Later in the mid-morning session, the Indian unit traded stronger at 44.62/63 per dollar as rupee strengthened in the forex market due to substantial dollar selling, the dealer informed.

The State Bank of India (SBI) employees' strike continued even today but the bank was operating its forex market operations through its subsidiaries, the dealer said.

The higher crude oil prices trading above USD 67 per barrel on the New York Mercantile Exchange (NYMEX) kept rupee in a tight spot.

The 157 point fall in the Bombay Stock Exchange (BSE) benchmark index as well as 365 points intra-day fall put pressure on the rupee.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.63, which was six paise up from the previous close.

The six-month forward premia ended higher at 1.47 per cent, as compared to previous close at 1.22 per cent.

The one-year forward premia also ended higher at 1.48 per cent, as compared to the last close at 1.32 per cent.

The cross-currency closing rate for the rupee against the euro was 54.45 (54.73), which was 28 paise lower, for pound sterling it was 78.15 (78.19), which was four paise lower and for the Japanese yen it was 37.92 (38.00), which was eight paise down.


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