Rupee slips two paise against dollar

Mumbai, May 6 (PTI) The Indian rupee ended two paise
lower at Rs 44.78/79 a dollar on sustained demand for the
American currency from banks and corporates despite its
weakness in overseas markets.
In active trade at the Interbank Foreign Exchange, the
local unit started lower at Rs 44.84/85 per dollar as against
the overnight closing level of Rs 44.76/77 per dollar. It
declined further to 44.90 per dollar before ending the day at
44.78/79 per dollar.
In London, the US dollar held its ground versus major
rivals Friday as traders awaited key US jobs data, a day after
the currency rebounded sharply as commodities suffered a
dramatic rout.
The dollar index, which measures the greenback against a
basket of six currencies, traded at 74.122 Friday, down
slightly from 74.143 recorded in late North American trading
Thursday.
Oil prices rebounded in Asia Friday as traders snapped up
bargains a day after New York's main contract suffered its
biggest fall in more than two years.
New York's main contract, West Texas Intermediate (WTI)
light sweet crude for delivery in June, rose 78 cents to USD
100.58 a barrel after diving more than eight per cent to USD
99.80 Thursday -- the first time it had fallen below USD 100
since March 16.
Pramit Brahmbhatt, CEO, Alpari Forex (India) said USD/INR
had a gap of 8 paise lower at Rs 44.83 a dollar. During the
day, it fluctuated in the range of Rs 44.90-44.73 a dollar.
Equity markets after a continuous fall of nine sessions
traded positively and closed 1.69 per cent up from its
Thursday's close.