Rupee opens low at 44.43/45 against the US dollar

Mumbai, Jan 4 (UNI) The rupee today opened low at 44.43/45 against the US dollar compared to it's previous day's close of 44.35/36, on account of fresh buying of the dollar by the corporate sector, dealers said.

After oil companies went on a dollor buying sphere, it gained value overnight against the Yen. Consequently, the Indian rupee weakened for the third straight session.

Interestingly, the dollar has risen to a two-month high against the Yen in late New York trade, after a survey showed a surprising expansion in US factory activity last month.

Later, the partially convertible rupee was quoted at 44.42/43 per dollar, about 0.15 per cent down from the previous close of 44.35/36. It had hit a 11-month high of 44.13 last week after banks resorted to selling dollars in order to tide over a cash squeeze.

Besides, dollar buying by oil firms on the back of lower global crude prices also contributed in pulling the rupee lower.

US oil was quoted at USD 58 per barrel after falling 4 per cent a day earlier, dealers added.

UNI