Rupee closes steady at 44.10/11

Mumbai, Feb 5 (UNI) Opening on a firm note, the Rupee closed steady today at 44.10/11 per dollar from the previous close of 44.11/12, after witnessing some action during the day.

The Indian Rupee, which witnessed hectic activity towards the end of last week, made a firm start at Rs 44.1450/1550, but saw a dramatic recovery to Rs 44.07/08 level during intra-day trade, but finally ended up nearly steady from the previous close, dealers said.

The forex dealers felt that there seems some sort of intervention by the Reserve Bank of India to support the Rupee.

''The RBI seems to be in the market to check the movement,'' said a forex dealer.

Besides, there was an ample supply of Greenback in the market, and there was no chance of any pressure on the Rupee, said Gautam Ashra, a forex expert.

The six month forward premia closed at 3.35 per cent against the previous close of (3.39) and the annualised 1-year premia ended lower at 2.99 per cent from the previous close of 3.01 per cent.

The Reserve Bank of India (RBI) today kept unchanged its reference rate at Rs 44.11 per US dollar as compared to the last fixing on February 2, an RBI spokesperson said.

The domestic unit posted handsome recovery against the world currencies. The Rupee ended higher at 57.04/06 against the Euro from the previous close of Rs 57.40/42. It closed firm at Rs 86.38/40 per unit against Pound from the previous close of Rs 86.78/80. The Rupee finished at 36.52 against the yen from the previous close of 36.42/44 per unit.

UNI