Rupee slides six paise as dollar gains

Mumbai, May 9: Rupee closed weaker by six paise at 44.93/94 per US dollar, as compared to the last close of 44.87 as the US dollar strengthened in the international market.

Earlier in the morning, rupee opened weaker by six paise at 44.93/94 per US dollar, as compared to the last close of 44.87, a dealer in the forex market said.

The rupee weakened further in the mid-morning session while trading at 44.96/97 per dollar.

Custodian banks and exporters were selling dollars at higher levels which did not help rupee much, an analyst said.

Reserve Bank of India (RBI) fixed the reference rate at 44.96 per US dollar which was eight paise lower to yesterday's level.

The six-month forward premia ended higher at 1.02 per cent, from the previous close of 0.98 per cent.

The one-year forward premia ended higher at 1.11 per cent, from the previous close of 1.05 per cent.

The cross-currency closing rate for rupee against euro was 57.02 (57.30), which was 28 paise down; for pound sterling it was 83.42 (83.70), 28 paise lower and for the Japanese yen it was 40.28 (40.40), 12 paise down from the previous close.

UNI