Rupee ends lower at 49.34 per US dollar

Mumbai, Nov 17 (UNI) The Rupee today closed lower at 49.34/36 against the US dollar with a loss of 34 paise from it last close of 49.00 on sustained brisk demand for dollars from foreign banks.

The Indian unit depreciated by 11 paise against the US dollar in early trade on heavy dollar buying by banks and pick-up in demand from importers amid increased outflows from foreign funds.

At the Interbank Foreign Exchange (forex) market, the domestic unit, which rose by 29 paise on Friday, fell by 11 paise at 49.12 against the greenback.

Forex dealers said the domestic currency continued to remain under pressure in line with local stocks, which were down by 1.7 per cent.

The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 48.99 per unit, down by 47 paise, against its last Friday's rate of Rs 49.46 per dollar. Similarly, the reference rate for Euro eased by Rs 1.39 to Rs 61.57 per unit from its last close of Rs 62.96 per unit, a RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were lower by 2.18 (2.60) per cent and 1.60 (1.86) per cent respectively.

The Rupee closed softer at 62.20/22 (62.96/98) per unit against the Euro. It closed at 73.44/46 (73.16/18) per unit against the Pound Sterling and at 50.96/98 (50.88/90) per hundred units aginst the Japanese Yen, brokers added.

UNI AR OBB NP1826