Rupee closes higher against USD at 44.23/24

Mumbai, Jan 25: The Rupee closed higher today at 44.23/24 against the US dollar as compared to the previous day's close of 44.28/29, dealers said.

The Rupee was buoyed by equity-related inflows as the stock market reached a record high, but gains were stemmed as oil importers bought dollars to meet monthly import payments.

The partially convertible Rupee ended at 44.23/24 per dollar, inching up from Wednesday's close of 44.28/29.

The Rupee is likely to keep strengthening and the central bank will let it grind up to 44.00 next month.

Forward premia rose in the trade and ended 1-2 paise higher.

Six-month and Twelve-month premia closed at 3.82 (3.79) per cent and 3.25 (3.20) per cent respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.24 per US dollar, down by a paisa from its yesterday's rate of Rs 44.23 per US dollar, an 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 57.40/42 (57.60/62) per unit, it was Rs 87.10/12 (87.40/42) per unit against Pound Sterling, and at Rs 36.66/68 (36.46/48) per 100 units against the Japanese Yen, dealers said.

Trading in forex market will remain officially closed tomorrow for Republic day.

UNI