Rupee closes lower at 44.8350/8450 per USD

Mumbai, Apr 10 (UNI) Rupee closed weaker at 44.8350/8,450 per US dollar as compared to the last close of 44.6850/6,950, said a foreign exchange (Forex) dealer here.

Earlier the rupee opened flat at 44.6850/70 per US dollar as compared to the last close of 44.68/69, the dealer added.

Later in the mid-morning session, the Indian unit traded stronger at 44.90 per dollar as rupee strengthened in the forex market due to substantial dollar selling, the dealer informed.

The rupee was choppy during morning trade as it slipped to 3-month low about 44.75/ against USD quickly recovered to 44.70 and again slipped to 44.80/, post noon. Dollar's rebound against the majors following Friday's payrolls data kept the rupee under pressure. Central Bank intervention also played on traders' minds.

Volumes hit due to strike by SBI employees was expected to return to normalcy as the strike was called off.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.74, which was 11 paise down from the previous close.

The six-month forward premia ended lower at 1.28 per cent, as compared to previous close at 1.47 per cent.

The one-year forward premia also ended higher at 1.36 per cent, as compared to the last close at 1.48 per cent.

The cross-currency closing rate for the rupee against the euro was 54.30 (54.45), which was 15 paise higher, for pound sterling it was 78.28 (78.15), which was 13 paise lower and for the Japanese yen it was 37.89 (37.92), which was three paise higher from the previous day's close.

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