Rupee closes slightly lower at 44.29/30 on USD

Mumbai, Mar 2: The Rupee today closed slightly lower at 44.29/30against the US dollar, compared to its previous close of 44.25/26,after the BSE, NSE closed in the red and the southward bound movementof most global capital markets.

Forward premia was down by five paise as importers covered short positions at lower levels.

Six-month and Twelve-month forward premia ended at 3.01/02 percent (3.18/20) and 2.93/94 percent (2.98/3.01), respectively.

Earlier in the day, the Reserve Bank of India (RBI) had fixed thereference rate at Rs 44.28 per US dollar, down by one paise from itsprevious rate of Rs 44.27 per USD.

Besides, the Rupee displayed a firm trend against major worldcurrencies. The Euro closed low at 58.28/30 (58.46/48), while Poundfinished at 86.29/30 (86.83/85) per unit each and Yen was quoted at37.80/81 (37.48/50) per 100 units, brokers added.

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