Rupee closes positive by 10 paise at 44.69/70 against Dollar

Mumbai, Nov 23 (UNI) The Rupee was today quoted higher sharply by ten paise and closed at 44.69/70 against the US Dollar as compared to the previous close of 44.79/80 per USD deu to Dollars was weaker against global currencies.

The Rupee continued to edge up further against the dollar and ended around 0.25 per cent stronger at 44.69/ against per US dollar.

The rupee was boosted due to robust capital flows and weakening of the dollar in the overseas markets. Markets believe the rupee could not go beyond the levels of 44.69/$ due to suspected intervention of RBI thereby capping the gains of the rupee. However, traders expect the rupee to rise in the days to come, although activity of the state-run banks would be closely watched.

Forward Premia eased a bit during the day. Six-month and Twelve-month premia ended at 1.92/94 per cent (1.90/92 per cent)and 1.80 /82 per cent (1.78/80 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.70 per US dollar, up by five paise from it's yesterday's rate of Rs 44.75 per US dollar,a RBI spokesperson said here.

However, the performance of the Rupee against other currencies was mixed. The domestic currency closed down against Euro at Rs 57.91/93 (57.64/66) per unit. Against the Pound Sterling, it was at Rs 85.53/55 (85.11/13) per unit and against the Japanese Yen, it was at Rs 38.41/43 (38.20/22) per 100 units, dealers said.

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