Rupee opens low at 44.30/32 against US dollar

By Staff
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Google Oneindia News

Mumbai, Jan 29: The Rupee today opened softer at 44.30/32 againstthe US dollar compared to its last close of 44.23/24 on fresh demand ofdollar from foreign banks, dealers said.

The Indian currency slipped to a one-week low against the dollaron Monday, helped by month-end oil import payments and the US unit'sstrength against major currencies.

The partially convertible Rupee was at 44.30/31 a dollar, a levelit last tested on January 22 and weaker than the previous close of44.24/25.

The dollar gained against some Asian currencies, most notablyversus the Japanese yen as solid economic data reinforced hopes theFederal Reserve may not cut rates soon.

Robust capital inflows have helped India mask its widening tradegap in recent months and helping the Rupee recover by more than 6 percent since hitting three-year low of 47.04 in July.

Foreign funds have pumped in USD 213 million in the past fivesessions, higher than a net USD 70 million in the previous five, heldup by good corporate earnings.

The trading in forex and call money markets will remain officiallyclosed tomorrow on account of the death anniversary of Mahatma Gandhiand Moharum, traders said.


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