Rupee gains by another 11 paise against dollar

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Mumbai, Sep 12 (UNI) The Rupee gained marginally today to end up by 11 paise at 40.44/45 per dollar over the previous close of 40.55/56, propelled by rich inflows from foreign investors and discounting losses in stock market.

Corporates, prominently Essar steel and L&T, were seen rampantly buying dollars in the late day trade extending thrust to the domestic unit to cross the psychological barrier of 40.50 and to finally reach the ending margin of 40.44 per dollar.

Rupee opened in morning at 40.50/52 per dollar, up by five paise from the yesterday's close and rose sharply in the following session to touch the 40.44/45.

However, at this stage Reserve bank is learnt to have intervened in the forex market to check the unit's pace.

''Rupee may go further up tomorrow up to 40.35-40 per dollar which may prompt the Reserve bank to come up with more preventive measures on the appreciating unit.'', said Naveen Raghuvanshi, senior dealer with DCB.

Six month and annualised premia ended respectively at 1.55(1.58) percent and 1.66(1.58) percent. Against major world currencies, the Rupee showed strong today.

Rupee was marginally strong against the major world currencies as it ended at 56.01/02(56.05), against Pound Sterling at 81.91/92 (82.40) per unit each while Japanese Yen was quoted up at 35.41/42( 35.650 per hundred units each.

The Reserve Bank today fixed the reference rate at Rs 40.49 per US dollar, up by nine paise from the previous day's rate of Rs 40.58.

UNI

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