Rupee opens low at 44.26/28 against the US dollar

Mumbai, Jan 24: The Rupee today opened low at 44.26/28 against perUS dollar compared to 44.24/25 on the previous day's close on scattereddemand from foreing banks, dealers said.

Later it fluctuated in a narrow range between 44.23 and 44.29 on some short-covering by local operators.

The Rupee struggled and failed to breach 44.15 again despite thebacking of flows and sentiment. After an uncertain opening, the Rupeebroke 44.20 even as local stock indices were deep in red.

The bout of appreciation was in sync with news that the FinanceMinistry had approved FDI proposals worth USD 1.34 billion. Theintra-day attempt to appreciate was firmly blocked by speculation thatstate-run banks were buying dollars in order to control the Rupee'supside. The firm resistance soon gave way to a round of dollar shortcovering, dealers added.

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