Rupee closes nine paise up at 44.88/89 USD

Mumbai, May 2: Rupee today closed stronger by nine paise up at 44.88/89 per US dollar, as compared to the previous close of 44.97/98, a forex dealer in the money market here said.

The rupee earlier opened six paise stronger this morning at 44.91/93 per US dollar as compared to the last close of 44.97/98 per US dollar.

Rupee strengthened further to 44.89/90 in the mid-morning session on the back of more than 200 points gain in the stock markets as the Bombay Stock Exchange Sensitive Index (Sensex) touched a new high of 12,288 points before closing at 12,218 with a gain of 176 points.

The crude oil prices were up again today to USD 74.10 plus per barrel which restricted rupee's gain.

US dollar's weakness in the international market also aided rupee's gains.

Reserve Bank of India (RBI) reference rate for rupee versus US dollar was 44.90, seven paise up from the previous close.

The six-month forward premia ended higher at 1.50 per cent, as compared to previous close of 1.24 per cent.

The one-year forward premia also ended higher at 1.39 per cent, as compared to the last close at 1.21 per cent.

The cross-currency closing rate for the rupee against the euro was 56.72(56.40), which was 32 paise up, for pound sterling it was 82.35(81.29), 96 paise up and for the Japanese yen it was 39.50(39.34), 16 paise up from the previous close.

UNI