Mumbai, Mar 10: The Rupee today inched up by about three paise against the US Dollar to close firm at 40.4850/4950 from its previous close of 40.52/53 on smart recovery in the Indian equity market in late trade.
The Indian unit opened the day on a weak note at 40.54/56 against the greenback and further slipped to 40.71/72 per dollar following the negative trend in the local bourses in the first half of the trade. However, it recovered and hit a high at 40.46/47 per dollar in the second half, tracking the Indian equity market, which smartly recovered on positive cues from Asain markets, dealers said.
The local unit had hit a six month low on Friday last week, near the level of 40.65 per dollar hit on Sepetember 10' 2007. Today, it recovered as the Indian market rebounded from its early low. Sensex ended just 51.80 points down, while Nifty ended in positive zone, 28.80 points up.
Meanwhile, the six month premium was quoted higher at 0.76 (0.31) per cent and annualised premium closed at 0.78 (0.45) per cent. The Reserve Bank of India fixed the reference rate for the US dollar at Rs 40.67, up 14 paise as compared to previous rate of Rs 40.53.
The rupee today closed firm at 61.95/96 (62.38) against the Euro. It ended flat at 81.48/49 per unit against the Pound Sterling and closed at 39.49.52 (39.66/67) per hundred units against the Japanese Yen.