Rupee resumes high at 44.55/56 against the US dollar

Mumbai, Mar 6: The Rupee today opened firm at 44.55/56 against the US dollar compared to its previous day's close of 44.62/64, due to fresh dollar demand from foreign banks in view of firm global advices, dealers said.

The Indian currency edged up this morning, following the lead of other Asian currencies, though investors remained concerned about the weakness in equities that had pushed the currency down to its low for 2007.

Later, the partially convertible Rupee was again up at 44.58/60 per dollar, extending its move off yesterday's close at 44.62/64 per US Dollar.

The 30-share benchmark stock index rose more than 2 per cent in early trade.

Fears that global investors' risk appetite was waning, which could trigger a withdrawal of money from the stock market, was hurting sentiment on the Rupee.

Still, the Rupee was buoyed after most Asian currencies rebounded as stock markets in the region posted gains after heavy recent losses.

The recent correction in the Rupee is closely linked to what is going on in other Asian markets.

UNI