Rupee closes lower at 44.73/74 against US dollar

Mumbai, Nov 30 (UNI) The Rupee today closed lower at 44.73/74 against the US dollar, compared to the previous close of 44.69/70 due to fresh demand of dollars from Foreign Banks and corporate sectors.

The Rupee slipped to 44.74 against the dollar inspite of strong GDP data. it fell due to month-end demand from corporates and importers. There were rumours of central bank intervening in the market via state-run banks at the levels of 44.75/ against USD to protect the export competitiveness of the country. The Rupee is expected to be edgy against the dollar in the days to come.

Forward Premia fell with markets observing exporters booking forwards during the day. Six-month and Twelve-month premia ended at 2.18 per cent (2.28 per cent) and 2.03 per cent (2.03 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.76 per US dollar, down by 11 paise from yesterday's rate of Rs 44.65 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 59.02/04 (58.75/77) per unit. Against the Pound Sterling, it was at Rs 87.50/52 (87.08/10) per unit and against the Japanese Yen, it as at Rs 38.49/51 (38.45/47) per 100 units, dealers said.

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