Rupee opens higher at 44.58/59 against US dollar

Mumbai, Dec 22: The Rupee today opened higher by four paise and was quoted at 44.58/59 per US dollar against yesterday's close of 44.62/63 per USD, dealers said.

Later, the rupee rose by two paise and touched 44.64/66 on account of short-covering by local operators. The current price is again quoted low at 44.60/61, registering a modest loss of two paise from its last close, due to fresh demand of the dollar, resorted to by foreign bankers and local investors, dealers added.

''Today's dollar buying by oil companies is just the beginning of the month-end demand. We expect oil firms to buy more as the year comes to a close,'' a private bank dealer said.

UNI