Rupee strengthens to 44.62/63 per USD after opening flat

Mumbai, Apr 7: The rupee today opened flat at 44.70/71 per US dollar as compared to the last close of 44.71/72, said a foreign exchange (forex) dealer here.

Later in the mid-morning session, the Indian unit traded stronger at 44.62/63 per dollar, he added.

The rupee strengthened in the forex market as there was 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 key index of the Bombay Stock Exchange, which today opened up by 100 points at 11,845 points and touched a high close to 12,000 mark at 11,930 was also supporting the rupee at higher levels.

However, the higher crude oil prices at USD 67.60 per barrel on the New York Mercantile Exchange (NYMEX) was likely to keep the rupee under pressure.

UNI