Rupee closes firm by 6 paise at 44.79/80 against Dollar

Mumbai, Nov 22: The Rupee was today quoted higher by six paise and closed at 44.79/80 against the US Dollar as compared to the previous close of 44.86/87 per USD on scattered selling pressure in Dollars by foreign and nationalised banks, dealers said.

They stated that good FII inflows and weakness of the Dollar against the Yen, boosted the Rupee to appreciate further. Rupee was also helped by rally in the stock markets during the day. Markets expect the Rupee to edge up further in the near future although activity of the state-run banks would be closely watched.

Forward Premia rose during the day with markets observing paying by importers. Six-month and Twelve-month premia ended at 1.91 per cent (1.88 per cent) and 1.79 per cent (1.77 per cent), respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.75 per USD, up by 24 paise from yesterday's rate of Rs 44.99 per USD, a RBI spokesperson here said.

However, the performance of the Rupee against other currencies was mixed. The domestic currency closed down against Euro at Rs 57.64/66 (57.46/48) per unit. Against the Pound Sterling, it was at Rs 85.11/13 (85.11/13) per unit and against the Japanese Yen, it was at Rs 38.20/38.22 (37.98/38.00) per 100 units, dealers said.

UNI