Rupee closes lower at 44.13/14 against US dollar

Mumbai, Feb 19 (UNI) The Rupee closed lower at 44.13/14 against the U S dollar at the interbank foreign exchange (Forex) market today, dealers said.

Rupee dipped by three paise to 44.14/USD. Strong equity-related inflows helped the Rupee to hover near a 16-month high at 44.06/USD.

Later, the Rupee failed to extend its gain amidst speculation that state-run banks had purchased the dollars on behalf of the RBI.

Forward premia ended 10-11 paise lower on account of buy-sell swap contracts. Six-month and Twelve-month forward premia closed at 3.36 per cent (3.71) and 3.11 per cent, respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 44.07 per US dollar, up by two paise from its Thursday's rate of Rs 44.09 per US dollar, according to a RBI spokesperson.

In the cross currency trade, the Rupee ended on a firm trend against all the three major currencies and for Euro closed at Rs 57.93/94 (57.83/84) per unit. It closed for Pound at Rs 86.76/78 (86.70/72) per unit and Rs 36.88/90 (36.66/68) per 100 units for Yen, traders added.

UNI