Rupee closes high at 44.83/84 per US dollar

Mumbai, Dec 12: The Rupee today closed higher by two paise and quoted at 44.83/84 against the US dollar as compared to the previous close of 44.85/86 on modest selling pressure of dollars by Foreign and domestic banks, dealers said.

Dealers said ''The Rupee appeared to be choppy during the day and ended at 44.84/ USD , unchanged from its previous close. The Rupee fell after stock markets declined for the second straight day.

Markets also believe that soft industrial output also added negative sentiment for the Rupee. Although Rupee has weakened against the dollar in last few days, markets expect Rupee to edge up once the stock markets return to their normal position.'' Forward premia was quite choppy with both importers and exporters entering the markets. Six-month and Twelve-month premia ended at 2.79 per cent (2.64 per cent) and 2.47 per cent (2.47 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.82 per US dollar, down by six paise from its yesterday's rate of Rs 44.76 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 59.32/34 (59.14/16) per unit. Against the Pound Sterling, it was at Rs 87.92/94 (87.37/39) per unit and against the Japanese Yen, it was at Rs 38.31/33 (38.30/32) per 100 units, dealers said.

UNI