Rupee closes high by 5p at 44.65/66 USD

Mumbai, Nov 27: The Rupee was today quoted higher by five paise and closed at 44.65/66 against the US Dollar, compared to the previous close of 44.70/72 as some foreign bankers were buying Dollars on behalf of major corporate sectors.

The Rupee rose to a high of 44.61 against USD boosted by good capital inflows as well as due to weakening of the dollar against the major currencies in the overseas markets. However, the rupee gave up some of its gains later during the day after importers were seen buying dollars and rumors of central bank intervening the markets vis state-run banks.

Markets expect the rupee to edge up in the days to come.

Forwards were choppy during the day with markets observing slight payings by importers. Six-month and Twelve-month forward premia ended at 1.92 per cent(1.93 per cent) and 1.79 per cent (1.80 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.64 per US dollar, up by 23 paise from its Friday's rate of Rs 44.87 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 58.56/58 (58.52/54) per unit. Against the Pound Sterling, it was at Rs 86.49/52 (86.49/52) per unit and against the Japanese Yen, it was at Rs 38.48/50 (38.63/65) per 100 units, dealers said.

UNI