Rupee gains seven paise against US Dollar

Mumbai Dec 3: The Rupee today gained about seven paise to close at 39.42/43 against the US Dollar from the previous close of 39.49/50 per dollar.

The partially convertible Indian Rupee started firm at 39.41/42 per dollar and traded in a tight range around the same level in the inter bank foreign exchange (forex) market on the sentiments of consolidation in the Indian stock market, dealers said.

The six-month forward premium closed higher at 1.24 (1.08) per cent, while annualized premium ended up 1.03 (0.91) per cent.

Meanwhile, the Reserve Bank of India (RBI) today fixed the reference rate at Rs 39.43 per US Dollar. The reference rate gained by 13 paise as compared to the previous day's level of Rs 39.56 per USD.

The Rupee today traded in a mixed mode against other major world currencies. The Indian unit ended week at 57.93/94 (57.76/77) against the Euro. While, rupee closed firm at 81.15/16 (81.37.38) per unit against Pound Sterling and it ended at 35.87/88 (35.70/71) per hundred units against the Japanese Yen.

UNI