Rupee closes higher against USD at 44.62/63

Mumbai, Dec 21: The Rupee today closed higher by ten paise against the US Dollar and was quoted at 44.62/63 compared to the previous close of 44.72/73, on sustained heavy selling by foreign banks and local investors, dealers said.

The Rupee resumed marginally lower in the morning trade but rallied back, boosted by heavy foreign inflows into the equity markets. Market watchers expect further appreciation in the days to come.

Forward premia appeared quite choppy during the day. The Six-month and Twelve-month premia ended at 3.26 per cent (3.18 per cent) and 2.77 per cent (2.76 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.73 per US dollar, up by one paise from yesterday's rate of Rs 44.74 per US dollar, an RBI spokesperson said here.

However, the performance of the domestic unit against other currencies was mixed. The Rupee was down against the Euro at Rs 58.77/78 (59.13/14) per unit, it was Rs 87.59/60 (88.14/15) per unit against Pound Sterling, and was at Rs 37.74/76 (37.87/88) per 100 units against the Japanese Yen, dealers said.

UNI