Rupee closes two paise up at 44.86/88 USD in range bound trade

Mumbai, May 3 (UNI) Rupee today closed stronger by two paise at 44.86/88 per US dollar, as compared to the previous close of 44.88/89, a forex dealer in the money market here said.

Earlier the rupee opened four paise stronger this morning at 44.84/85 per US dollar as compared to the last close of 44.88/89 per US dollar.

Rupee traded in the range at 44.8650/8750 in the mid-morning session before closing at 44.86/88.

Rupee got strong support from 92 point rise to 12,310 points.

However, the crude oil prices were up again today to USD 74.90 plus per barrel which restricted rupee's gains.

Reserve Bank of India (RBI) reference rate for rupee versus US dollar was 44.86, four paise up from the previous close.

The six-month forward premia ended lower at 1.42 per cent, as compared to previous close of 1.50 per cent.

The one-year forward premia also ended lower at 1.38 per cent, as compared to the last close at 1.39 per cent.

The cross-currency closing rate for the rupee against the euro was 56.62 (56.72), which was ten paise down, for pound sterling it was 82.50 (82.35), 15 paise up and for the Japanese yen it was 39.52 (39.50), two paise up from the previous close.

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