Rupee closes slightly up at 44.25/26 against USD

Mumbai, Mar 1 (UNI) The Rupee today closed modestly higher at 44.25/26 against the US dollar, compared to its previous close of 44.27/28, amid concerns regarding further intervention by the Central Bank to arrest inflation and worries of corporate outflows after yesterday's crash of the BSE Sensex.

The Rupee was stuck at the levels of 44.27/28 for major part of the trade amid lack of fresh cues.

Forward premia was down by 5-6 paise as exporters were seen selling forwards dollars. It closed lower, as importers covered short positions at lower levels. Six-month and Twelve-month forward premia ended at 3.18/20 per cent (3.44/45) and 2.98/3.01 per cent (3.15/16) respectively.

Earlier in the day, the Reserve Bank of India (RBI) had fixed the reference rate at Rs 44.27 per US dollar, up by four paise from its previous rate of Rs 44.31 per USD.

Besides, the Rupee displayed a firm trend against major currencies. The Euro closed high at 58.46/48 (58.34/35), while Pound finished at 86.83/85 (86.58/60) per unit each and Yen was quoted at 37.48/50 (37.33/35) per 100 units, brokers added.

UNI