Rupee closes four paise weaker at 44.90 USD in choppy trade

Mumbai, May 4: Rupee today closed four paise weaker at 44.90 per US dollar, as compared to the previous close of 44.86/88, a forex dealer in the money market here said.

Earlier in a choppy trade the rupee opened three paise weaker this morning at 44.89/91 per US dollar as compared to the last close of 44.86/88 per US dollar.

Rupee weakened further to 44.95/96 in the mid-morning session while as Public sector banks bought dollar but later due to US dollar's weakness rupee gained in the end from its low.

The crude oil prices softened to USD 71-72 per barrel which didn't weaken ruppe much.

Reserve Bank of India (RBI) reference rate for rupee versus US dollar was 44.97, 11 paise down from the previous close.

The six-month forward premia ended lower at 1.34 per cent, as compared to previous close of 1.42 per cent.

The one-year forward premia also ended lower at 1.34 per cent, as compared to the last close at 1.38 per cent.

The cross-currency closing rate for the rupee against the euro was 56.56 (56.62), which was six paise down, for pound sterling it was 82.68 (82.50), 18 paise up and for the Japanese yen it was 39.36 (39.52), 16 paise down from the previous close.

UNI