Rupee closes at five weeks low against US Dollar at 44.55/56

Mumbai, Jan 10 (UNI) The Rupee closed at a five weeks low today at 44.55/56 against the US dollar as compared to the previous day's close of 44.38/39, dealers said.

Dollar demand from oil companies and strong capital outflows led to the weakening of the Rupee. Also, dollar's rally against the major currencies globally led to the downfall of the Rupee. Markets expect the Rupee to remain under pressure.

Forward premia dipped in the session with exporters taking advantage of higher levels. Six-month and Twelve-month premia ended at 3.02 per cent (3.49 per cent) and 2.68 per cent (2.91 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.53 per US dollar, down by six paise from its yesterday's rate of Rs 44.47 per US dollar, a 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 57.89/91 (57.78/80) per unit, it was Rs 86.34/36 (86.16/18) per unit against Pound Sterling, and at Rs 37.38/40 (37.20/22) per 100 units against the Japanese Yen, dealers said.

UNI