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Our Bureau

Mumbai, March 21

The rupee ended lower against the US dollar because of FII selling in the domestic equity market, said dealers. The rupee opened at 44.35/36 and traded in the range of 44.35-44.38 for most of the day. It closed at 44.44, lower than Monday's close of 44.40/41. "The rupee fell in the last half hour of trade, which indicates that the dollar buying is more stock market-related than due to purchases by state-run banks," said a dealer with a private bank.

He said the sharp dollar buying in the latter half of the day might also have been to cover short positions. "People may have sold dollars in the first half of the day on news of moving towards full convertibility and then covered their positions towards the latter half of the day, by buying dollars," he said.

The dollar did not move much against other overseas currencies such as euro and yen.

In the forward premia market the six-month closed at 2.75 per cent (2.57 per cent) and the one-year closed at 2.1 per cent (2.05 per cent).

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