Rupee opens low at 44.50 per USD

Saturday, March 17, 2007, 11:08 [IST]

Mumbai, Mar 8 (UNI) The Rupee today opened low at 44.50/52 against the US dollar compared to its previous close of 44.46/47 on fresh selling pressure of dollar by foreing and nationalis banks, dealers said.

Later, it fluctuated between 44.48 and 44.55 with a narrow range during the morning session on some short-covering and lack of buying support of dollar by big operators.

The Indian Currency slipped towards 44.50 as stock indices failed to hold on to the previous session's gains.

Currency market trend was mainly driven by the mood in the stock market with traders looking for clear direction and assurance over flows. The Rupee inched up early in the day as the stock market showed signs of stabilising following Tuesday's over two percent recovery, brokers added.

UNI

Topics: MARKETS-FOREX-OPENING

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