Rupee ends week at 39.49/50 per USD

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Mumbai Dec 5 (UNI) The Rupee today ended weaker by about seven paise at 39.49/50 against the US Dollar from the previous close of 39.49/50, on the dollar's gain in the global market.

Despite strong trading at Indian bourses, Rupee ended week in the late trade amid high volatility in the market, dealers said.

The partially convertible Indian Rupee started firm at 39.455/465 per dollar and traded in a range of 39.42 and 39.50 per dollar in the inter bank foreign exchange (forex) market.

''The Indian unit was today less affected by the strong movements in the local stock market. Moreover, market witnessed high volatility throughout the day and Rupee ended weaker as the the US currency gained strength in the global markets,'' a senior dealer with a leading private bank said.

However, the local unit dithered in a tight band with concerns about suspected intervention by the Reserve Bank of India (RBI) offsetting the prospect of renewed overseas investment flows into the stock market, he added.

The six-month forward premium closed higher at 1.42 (1.24) per cent, while annualized premium ended up 1.09 (1.03) per cent.

Meanwhile, RBI today fixed the reference rate at Rs 39.45 per US Dollar. The reference rate eased by 2 paise as compared to the previous day's level of Rs 39.43 per USD.

The Rupee today traded in a mixed mode against other major world currencies. The Indian unit ended week at 58.03/04 (57.93/94) against the Euro. While, rupee closed firm at 80.41/43 (81.15/16) per unit against Pound Sterling and it ended firm at 35.80/81 (35.87/88) per hundred units against the Japanese Yen.

UNI

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