Rupee closes eight paise lower at 45.00/01/USD

Mumbai, Apr 25: Rupee today closed weaker by eight paise at 45.00/01 per US dollar, as compared to the previous close of 45.92, a forex dealer in the money market here said.

It was a volatile day for the rupee, as the domestic unit opened 10 paise stronger at 44.82/84 per US dollar as compared to the last close of 44.92, added the dealer in the foreign exchange market.

The Indian unit was stronger this morning as Japanese yen fell drastically in the international market by almost 50 basis points, as well as in the domestic market some foreign banks had huge selling of dollar, the dealer in the market added.

Rupee went up to 44.77/78 this morning but later nationalised banks bought dollar leading to the Indian unit weakening to 44.83/85 in the mid-morning trade.

However, the crude oil price in the New York Mercantile Exchange (NYMEX) hovering around the all-time high at USD73.55 per barrel weakened rupee in the afternoon.

Also, the Indian equity market slipping into red this afternoon with a loss of 268.46 points on BSE Sensex to 11,646.78 did bring rupee under pressure.

Reserve Bank of India (RBI) reference rate for rupee versus US dollar was 44.83, 23 paise up from the previous close.

The six-month forward premia ended lower at 1.15 per cent, as compared to previous close at 1.20 per cent.

The one-year forward premia also ended higher at 1.14 per cent, as compared to the last close at 1.17 per cent.

The cross-currency closing rate for the rupee against the euro was 55.75(55.58), which was 17 paise up; for pound sterling it was 80.30 (80.31), one paisa down and for the Japanese yen it was 39.24 (39.06), 18 paise up from the previous close.

UNI