In a see-saw trade, the Rupee settled just one paisa up at 44.07/08 against the dollar on alternate bouts of buying and selling, stretching its gains for the third straight day.
At the Interbank Foreign Exchange (Forex) market, rupee commenced weak at 44.16/17 a dollar from the last close of 44.08/09.
Dealers said that the local unit opened lower due to weakness in local equities amid fresh dollar demand from importers and a firm dollar in early Asian trade.
However, late dollar selling by exporters and some banks helped the local currency conclude at 44.07/08, they added.
In last two days, the rupee has gained a total 32 paise or 0.72 per cent.
The dollar index, gauging of six major currencies, was up by 0.16 per cent while New York crude oil was trading near USD 97.5 a barrel in European market on Thursday.
The rupee premium for the forward dollar settled further lower on sustained receivings by exporters. The benchmark six-month forward dollar premium payable in January finished down at 142-144 paise from Tuesday’s close of 145-1/2-147-1/2 paise. Far-forward contracts maturing in July also concluded weak at 243-245 paise from 246-248 paise previously.
The RBI has fixed the reference rate for the dollar at Rs 44.1263 and the euro at Rs 63.3322.
The rupee improved further against the pound sterling at Rs 71.95/97 from yesterday’s close of Rs 72.13/15 and also strengthened to Rs 62.98/63.00 from Rs 63.70/72 previously.
However, it softened against the Japanese yen to end at Rs 56.70/72 per 100 yen from last close of Rs 56.66/68.
