Rupee closes higher at 47.46 per US dollar

Mumbai, Nov 5 (UNI) The Rupee today ended higher at 47.46 against the dollar, from the previous close of 47.70, as exporters sold dollars, paring some early gains after the Indian unit rose as high as 46.70.

The Rupee rose to a one-month high today helped by dollar inflows from a large corporate, but pared gains as the local equity market turned negative after a strong opening. In early trade, the partially convertible rupee was at 47.19/20 per dollar, 1 percent stronger than 47.69/70 at close on Tuesday.

The Rupee rose as much as 46.70 in early deals, its strongest since October 3, as it extended its recovery from a record low of 50.29 on October 27. ''Equities opened higher, and after the Obama win, the general world seems to be happy,'' said a senior dealer with a primary dealership.

However, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 47.18 per unit, down by Re 1.44, against its yesterday's rate of Rs 48.62 per dollar. The reference rate for Euro also eased by 41 paise to Rs 60.89 per unit from its last close of Rs 61.30 per unit, a RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were higher by 3.06 (2.17) per cent and 2.04 (1.58) per cent respectively.

The Rupee closed high at 61.50/52 (61.08/10) per unit against the Euro. It closed at 75.90/92 (75.80/82) per unit against the Pound Sterling and at 47.90/92 (47.94/96) per hundred units against the Japanese Yen, brokers added.

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