Rupee opens low at 44.67/69 against per US dollar

Mumbai, Dec 15: The rupee today opened low at 44.67/69 against per US dollar compared to 44.65/66 on the previous day's close, dealers said.

The rupee eased on Friday as the dollar gained on solid economic data which pegged back expectations of a rate cut in the United States, but foreign inflows to a public offering would pull it back.

But, the market is wary of central bank intervention. State-run banks often buy dollars on behalf of the Central bank to keep exports competitive and to curb excessive volatility in the currency market.

In the morning session, the partially convertible rupee was at 44.69/70 per dollar, 0.1 per cent weaker than Thursday's 44.65/66 which was its strongest close since December seven.

Foreign funds have bought more than USD eight billion of shares this year, and the inflows have been a key factor behind the rupee's five per cent rise from a three-year low in July.

The dollar gained against major currencies in the previous session as stronger-than-expected US data strengthened the view that the Federal Reserve may not have to trim interest rates just yet to stimulate the economy.

The yen also edged down on Friday in Asian trade after the quarterly Tankan survey showed improved business sentiment but failed to alter expectations that the Bank of Japan will keep interest rates on hold next week, dealers added.

UNI