Rupee further gains agianst USD, closes at 39.27/28 per USD

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Mumbai, Jan 8: The Rupee today gained against the US Dollar to close about three paise stronger at 39.27/28 from its previous close of 39.31 on selling of dollars by foreign banks and smart move in the Indian equity market.

The partially convertible Indian currency today extended its tendency of moving near a decade-high of 39.16 per dollar, hit in November 2007. Rupee touched the day's high of 39.22 per dollar on selling dollars by the foreign banks. However, its further move against greenback was restricted by the suspected invervention of the Reserve Bank of India (RBI), dealers said.

The local unit followed the appreciation mode on the second straight day this week and traded in a wide range band of 39.22 and 39.30 per dollar, before finally ending firm against the US unit on a positive note in the inter bank foreign exchange (Forex) market, dealers added.

Dealers expect the local unit to follow the gaining trend against the dollar as good market cues are expected in the coming sessions. The six-month forward premium closed lower at 1.44 (1.54) per cent and annualized premium ended low at 1.22 (1.26) per cent.

Meanwhile, the apex bank today fixed the reference rate at Rs 39.27 per dollar. The reference rate was up by one paise as compared to its yesterday's rate of Rs 39.28 per dollar.

The Indian unit ended marginally weak at 57.79/80 (57.75) against the Euro. It closed at 77.56/57 (77.52) per unit against the Pound Sterling. Against the Japanese Yen, the Rupee ended at 35.85/86 (35.93/94) per hundred units.


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