Rupee closes at 40.57/58 against dollar

Mumbai, May 22: Continuing its appreciation against the U S Dollar, the Rupee today touched a fresh nine year high of 40/52/50, before settling at 40.57/58, nine paise higher from the previous close of 40/67/68 amidst volatile trade.

The Reserve Bank of India (RBI) had reportedly intervened the market during later afternoon through PSU banks to defend the Rupee, dealers said.

The local currency opened at 40.61/62 a dollar, it was quoted at Rs 40/65 soon after opening, when the PSU oil companies made some buying.

The Rupee firmed up to 40.52/50 around late noon but finally closed at 40.57/58, dealers said The forward premia inched up moderately. The six month forward premia were quoted at 4.08 per cent (4.03) and annualised premia were ended at 3.63 per cent (3.61 percent).

The RBI fixed the reference rate at Rs 40.64 per dollar from the previous day's rate of 40.60.

The spot Rupee gained smartly against major world currencies.

Against Euro, the Rupee ended at Rs 54/20/21 per unit, against Pound it ended at 79/52/53 and against Yen it ended up at 33.17/18) per 100 units each, dealers added.

UNI