The partially convertible Indian currecy opened the session on a weak note at 40.60/62 and later gained strength against the dollar to touch a day's high at 40.43/44 as the local bourses regained their early losses following the positive rally in Asian markets, dealers said.
However, the dealers opined that the today's positive move in the market should be considered as a short-term gain as the investors turned in only to buy scrips at lower levels.
Meanwhile, the six month premium was quoted lower at 0.74 (0.76) per cent and annualised premium closed at 0.76 (0.78) per cent. The Reserve Bank of India fixed the reference rate for the US dollar at Rs 40.47, 20 paise lower as compared to previous rate of Rs 40.67.
The rupee today closed weak at 62.45 (61.95/96) against the Euro. It ended almost flat at 81.51 (81.48/49) per unit against the Pound Sterling and closed at 39.37 (39.49/52) per hundred units against the Japanese Yen.