Rupee closes flat at 44.69 against US dollar

Mumbai, Nov 29 (UNI) The Rupee today closed steady at 44.69 against the US dollar, compared to the previous close of 44.69/70 due to lack of fresh demand of dollars on behalf of major corporate sectors.

The Rupee ended at 44.69 against per USD, unchanged from its previous close. However, the Rupee appeared to be volatile as it edged up to 44.63 USD due to weakening of the dollar against the major currencies in the overseas markets. Later during the day, the Rupee gave up its gains due to month-end dollar demand and suspected Central Bank intervention. Markets expect the Rupee to be edgy against the dollar in days to come.

Forward premia rose during the day with importers covering forwards. Six-month and Twelve-month premia ended at 2.28 per cent (2.06 per cent) and 2.03 per cent (1.88 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.65 per US dollar, up by nine paise from its yesterday's rate of Rs 44.74 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 58.75/77 (58.70/72) per unit. Against the Pound Sterling, it was at Rs 87.08/10 (86.84/86) per unit and against the Japanese Yen, it as at Rs 38.45/47 (38.42/44) per 100 units, dealers said.

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