Rupee closes high by two paise at 44.70/72 against Dollar

Mumbai, Nov 24 (UNI) The Rupee was today quoted higher by two paise and closed at 44.70/72 against the US Dollar as compared to the previous close of 44.68/70 as some foreign bankers were buying Dollars on behalf of major corporate sectors.

The Dollar was weaker against global currencies, traders said.

After rising for the past three days, the Rupee closed at 44.70/72, just two paise lower from its previous close of 44.70 aginst the greenback. The Rupee was a bit volatile as it drifted down in the morning trade due to month-end demand by importers and increase in the prices of oil. However, in the second half of the day, markets observed selling of dollars by exporters and weakening of the dollar against the major currencies in the overseas markets.

Premia rose during the day with importers booking forwards.

Six-month and Twelve month premia closed at 1.93 per cent (1.92 per cent) and 1.80 per cent (1.78 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.87 per US dollar, down by 17 paise from its yesterday's rate of Rs 44.70 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 58.52/54 (57.91/93) per unit. Against the Pound Sterling, it was at Rs 86.42/44 (85.53/55) per unit and against the Japanese Yen, it was at Rs 38.63/65 (38.41/43) per 100 units, dealers said.

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