Rupee closes lower against Dollar at 44.58/50

Mumbai, Jan 11 (UNI) The Rupee closed lower today at 44.58/59 against the US dollar as compared to the previous day's close of 44.55/56, dealers said.

The Rupee fell further and closed at 44.59/USD. Firm dollar in the world markets pushed the Rupee beyond the levels of 44.60/USD.

However, low oil prices and equity-related inflows helped the Rupee to claw back from its initial losses.

The Rupee is expected to remain under pressure in the next few days.

After falling in the past few sessions, premia finally rose up as importers were seen covering short positions. Six-month and Twelve-month premia ended at 3.31 per cent(3.02 per cent) and 2.85 per cent (2.68 per cent) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.56 per US dollar, down by three paise from its yesterday's rate of Rs 44.53 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 57.78/80 (57.89/91) per unit, it was Rs 86.37/39 (86.34/36) per unit against Pound Sterling, and at Rs 37.02/04 (37.38/40) per 100 units against the Japanese Yen, dealers said.

UNI