Rupee opens low at 44.31/32 against per USD

Mumbai, Jan 5: The rupee today opened low at 44.31/44.32 per US dollar compared to 44.28/29 on the previous day's close, dealers said.

The Indian rupee eased on Friday as oil firms stepped up dollar buying on the back of easing global crude prices and a fall in Asian equities raised concerns of outflows from the Stock market.

Later, the rupee was at 44.31/44.32, about 0.11 per cent weaker than Thursday's close of 44.28/29. It hit a low of 44.35 in early trade after a state-owned bank bought a large amount of dollars on behalf of a government importer.

This demand may have been from a defence company. There is not a big pressure on the rupee today as banks have almost finished unwinding short dollar positions taken last week.

The rupee hit an 11-month high of 44.13 earlier this week, but has retreated as banks bought back dollars sold last week to generate funds to tide them over a cash squeeze, dealers added.

UNI