Rupee ends seven paise down at 45.51/52/USD

Mumbai, May 16: The rupee had a volatile session and finally closed seven paise down at 45.51/52 per US dollar as compared to its last close of 45.44/45, said a dealer in the forex market.

Earlier, rupee opened weaker by four paise at 45.48 per US Dollar as compared to the last close of 45.44/45, a forex dealer here said.

The rupee then dipped sharply by 14 paise to 45.64 per USD in the mid-morning session, the dealer added.

But the Indian currency recovered later trading at 45.54/56 and finally closed at 45.51/52.

Rupee tracked the Stock markets, BSE Sensex was down by 443 points in the mid-morning session but recovered to close 51 points up at 11,873.73 points, helping the domestic currency to recover losses partly.

Reserve Bank of India (RBI) fixed the reference rate at 45.61 per US dollar which was 22 paise lower as compared to Monday's level.

The six-month forward premia ended drastically lower at 0.92 per cent from the previous close of 1.02 per cent.

The one-year forward premia, too, ended lower at 1.03 per cent from the previous close of 1.10 per cent.

The cross-currency closing rate for rupee against euro was 58.33 (58.20), which was 13 paise up. For pound sterling it was 85.60 (85.45), 15 paise up and for the Japanese yen it was 41.26 (41.18), six paise up from the previous close.

UNI