Rupee closes softer by five paise at 44.69/70 against US dollar

Mumbai, Nov 28 (UNI) The Rupee was today quoted softer by five paise and closed at 44.69/70 against the US dollar, compared to the previous close of 44.65/70 as some foreign bankers were buying dollars on behalf of major corporate sectors.

The Rupee ended weaker at 44.69 against USD on the back of decline in Asian markets and buying of dollars by banks on behalf of oil firms. There was also speculation of central bank intervening the market via state-run banks, although there was no confirmation of it. Markets expect the Rupee to be edgy against the dollar in days to come.

Forward Premia inched up during the day due to payments by importers. Six-month and Twelve-month forward premia ended at 2.06 per cent (1.92 per cent) and 1.88 per cent ( 1.79 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.74 per US dollar, down by 10 paise from its yesterday's rate of Rs 44.64 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 58.70/72 (58.56/58) per unit. Against the Pound Sterling, it was at Rs 86.84/86 (86.49/52) per unit and against the Japanese Yen, it was at Rs 38.42/44 (38.48/50) per 100 units, dealers said.

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