Rupee opens up at 44.18/19 per US dollar

Mumbai, Mar 12 (UNI) The Rupee today resumed firm at 44.18/19 against the US dollar compared to its previous close of 44.20/21, following the lead of most Asian currencies.

Investors were closely watching investor flows on the stock market and the central bank for signs of suspected intervention.

Later, the partially convertible Rupee was quoted between 44.18/19 and 44.22/24 per dollar, during intra-day session.

The Reserve Bank of India has been suspected of selling Rupees when the currency approached 44 per dollar, which analysts say it has been done to preserve exporters' competitiveness.

The Rupee received some support after most Asian currencies nudged up against the dollar after strong US jobs data allayed fears about weakness in the US economy and encouraged investors to take on risk.

Market eyed the local share index closely to gauge the direction of foreign fund flows for clues to the Rupee's movement.

Overseas investors have sold a net USD 180 million of Indian equities in March, but are net buyers of about USD 1.1 billion so far in 2007, which has powered the Rupee's gains, dealers added.

UNI