Re rises to 44.23/24 on market inflows

The rupee on Thursday ended at 44.23/24 per dollar, slightly stronger than Wednesday���s closing of 44.2820/2920 against the greenback. Treasury managers said the local currency drew support from equity-related inflows as the stock market reached a record high. However, dollar purchases made by oil companies to meet monthly import payments curbed further gains.

Although the local currency opened the day at 44.25 levels, for most part of the day, it hovered in a range of 44.22-44.27 levels.

The forex market will be closed on Friday on the occasion of Republic Day. Forward premia edged up sharply with the yield on the one-month contract ending at 4.57% (4.26%).

Similarly, the yield on the six-month premia ended at 3.97% (3.79%) while that on the one-year premia closed at 3.31% (3.20%).