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Rupee closes higher by 10 paise at 44.52/53/USD

Written by: Staff
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Mumbai, Dec 5: The Rupee today closed higher by ten paise at 44.52/53 per US dollar as compared to the previous close of 44.61/62 on sustained heavy selling pressure of dollars by Foreign and domestic banks in view of the weak dollar against the global currencies.

The Rupee edged up due to weak dollar in the world market as well as strong capital flows in to the stock markets. However, suspected RBI intervention at the levels of 44.55/ USD did not allow the rupee to take advantage to go beyond the levels of 44.50/ USD. Markets expect the rupee to be firm against the dollar in days to come.

Forward premia was quite volatile during the day with both importers and exporters entering the markets. Six-month and Twelve-month premia ended at 2.14 per cent (2.24 per cent) 2.05 per cent (2.09 per cent) respectively.) The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.56 per US dollar, up by three paise from yesterday's rate of Rs 44.59 per US dollar, a RBI spokesperson said here.

However, the performance of the domestic unit against other currencies was mixed. The Rupee closed down against Euro at Rs 59.31/33 (59.36/38) per unit. Against the Pound Sterling, it was at Rs 87.96/98 (87.24/26) per unit and against the Japanese Yen, it was at Rs 38.84/86 (38.60/62) per 100 units, dealers added.

UNI

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