Rupee opens lower at 44.60/62 against US dollar

Tuesday, December 26, 2006, 12:38 [IST]

Mumbai, Dec 26 (UNI) The Rupee today opened lower by four paise and was quoted at 44.60/52 per US dollar against the previous day's close of 44.56/57 per USD, dealers said.

Later, the Rupee rose at 44.46/47 on account of short-covering by local operators. The current price is again quoted low at 44.58/60, registering a modest loss of two paise from its last close, due to fresh selling pressure of the dollar, resorted to by foreign bankers and local investors.

Tight Rupee liquidity in the banking system helped the Rupee to edge higher as traders looked to hold rupees by cutting dollar positions. Meanwhile, capital and other investment inflows were observed to be consistent. Traders said that dollar buying by oil importers was also consistent which acted as a drag on the Rupee, dealers added.

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