Rupee opens weak at 44.15/16 per US dollar

Mumbai, Feb 20 (UNI) The rupee today opened lower at 44.15/16 per US dollar as against the previous day's close of 44.13/14, traders said. The domestic unit slipped over the investors concern that the central bank was making attempts to block their efforts to strengthen the rupee beyond 44 per dollar.

Later, the partially-convertible rupee was at 44.19/20 per dollar, slipping from Monday's close of 44.13/14 due to purchase of dollar by nationalised banks, operators said.

The operators believe that the Reserve Bank of India (RBI) has actively stopped the rupee from strengthening to 16-month high past 44 per USD.

The RBI bought about USD 5 billion in November and December and the market widely believes the central bank has intervened consistently this year to check the rupee's gains and keep the Indian exports competitive.

The market is also waiting on a Bank of Japan policy meeting that ends tomorrow, with players divided over whether it will lift rates to a decade-high of 0.5 per cent from 0.25 per cent, brokers added.

UNI