Rupee ends almost flat at 39.28 per USD

Mumbai, Jan 9: The Rupee today ended almost flat against the US Dollar at 39.28 from its previous close of 39.27/28 per dollar on suspected intervention by the Reserve Bank of India (RBI).

The local unit today traded in a tight range band between 39.27 and 39.30 per dollar in a dull inter-bank foreign exchange (Forex) market. Earlier, during the last two sessions this week, the partially convertible Indian currency extended the tendency of appreciation against the greenback. But, its move was restricted by the suspected invervention of the apex bank at various levels, dealers said.

However, dealers maintained that the local unit would follow the gaining trend against the dollar on positive cues in Indian market as well as week cues in US markets on the worries over expected US economy crisis ahead.

The six-month forward premium closed high at 1.63 (1.44) per cent and annualized premium ended high at 1.36 (1.22) per cent.

Meanwhile, the central bank today fixed the reference rate at Rs 39.29 per dollar. The reference rate declined by two paise as compared to its yesterday's rate of Rs 39.27 per dollar.

The Indian unit ended marginally firm at 57.54 (57.79/80) against the Euro. It closed at 76.90 (77.56/57) per unit against the Pound Sterling. Against the Japanese Yen, the Rupee ended at 35.78 (35.85/86) per hundred units.

UNI