Rupee Trims Earlier Sharp Gains against Dollar, Closes 19 Paise up.

MUMBAI: The rupee closed higher by 19 paise at 44.49/50 against the US currency after fag-end demand for dollar from importers trimmed its sharp gains in early trade.

At the Interbank Foreign Exchange ( Forex) market, the rupee resumed higher at 44.40/41 per dollar against the last close of 44.68/69 per dollar.

It moved up sharply by 43 paise to 44.25 on selling of dollars by banks and exporters on the back of persistent capital inflow from foreign funds coupled with weakness of dollar in overseas, dealers said.

However, fag-end demand for dollar from importers pared some of its gains to close at 44.49/50 a dollar, they added.

Meanwhile, global crude oil was trading above USD 83 a barrel in London today.

The rupee premium for the forward dollar ended lower on fresh receivings by exporters. The benchmark six-month forward dollar premium payable in March finished lower at 132-1/2- 134-1/2 paise from 134-136 paise on Tuesday and far-forward maturing in September also close down at 247-249 paise from 249-251 paise previously.

The Reserve Bank of India has fixed the reference rate for the dollar at Rs 44.30 and the euro at Rs 61.34.

In cross-currency trade, the domestic unit rose against the pound sterling, the euro and the Japanese yen.

The rupee recouped to Rs 70.67/69 against the pound sterling from Tuesday's close of Rs 70.95/97 and moved up to Rs 61.48/50 per euro from Rs 61.52/54 previously.

It also recovered against the yen to Rs 53.56/58 per 100 yen from its last close of Rs 53.64/66.

Source : timesofindia.indiatimes.com