Rupee closes lower at 44.17/18 against per US dollar

Mumbai, Feb 12 (UNI) The Indian Rupee closed lower at 44.17/18 against U S dollar from the previous close of 44.12/13 at the interbank foreign exchange (Forex) market today.

Rupee fell by 0.09 per cent to 44.17/USD. Earlier, dollar selling by exporters helped the Rupee to rise to 44.10/ USD. However, apart from dollar, demand from oil firms, there was speculation that state-run banks were buying dollars on behalf of RBI at the level of 44.10/ USD, thereby pushing the Rupee down to a low of 44.19/USD.

Forward premia fell during the session on account of buy-sell swap contracts. Six-month and twelve-month forward premia closed at 3.02 per cent (3.16) and 2.89 per cent (2.95) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.18 per US dollar, down by 12 paise from its Friday's rate of Rs 44.06 per US dollar, an RBI spokesperson said here.

In the cross currency trade, the Rupee ended on a mixed trend against all the three major currencies and for Euro closed at Rs 57.25/26 (56.38/39) per unit. It closed for Pound at Rs Rs 85.96/97 (85.89/90) per unit and Rs 36.20/22 (36.27/30) per 100 units for Yen, traders added.

UNI