Rupee opens low at 44.37/38 against US dollar

Mumbai, Jan 8: The Rupee today opened softer at 44.37/38 against US dollar compared to 44.30/32 per US dollar on the previous day's close, dealers said.

The Rupee moved in a fairly wide range amidst alternate bouts of dollar demand and selling. Exporter selling, speculation of investment flows lined up and fears of a liquidity crunch in the coming days supported it.

Fears that state-run banks might buy to cap the gains of the Rupee contributed to hampering its upside.

Rupee moved in between 44.37 and 44.44 during the mid-session, brokers added.

UNI