Rupee edges higher at 40.32/33 against USD

Mumbai, Mar 12: The Rupee today edged up against the US Dollar to close firm at 40.32/33, appreciating nearly thirteen paise from its previous close of 40.45/46 per dollar, amidst alternate bouts of selling and buying of dollars in the forex market.

The partially convertible Indian currency made a firm start at 40.31/32 on strong gains in Indian equity market in early trade and traded in a wide range band of 40.29 and 40.43 against the US unit, before closing on firm note in late trade despite record rise in the crude oil prices, dealers said.

Dealers attributed the firm move of Indian unit against greenback to sharp fall of dollar in the international market as well as positive note in the Asian markets. However, they were not confident that the rupee would further strengthen and said the present gain was short-term and temporary.

The key indices of Indian bourses today closed on flat note, while the crude oil price soared at a record high at USD 120 per barrel.

Meanwhile, the six month premium was quoted higher at 0.92 (0.74) per cent and annualised premium closed at 0.83 (0.76) per cent. The Reserve Bank of India fixed the reference rate for the US dollar at Rs 40.36, 11 paise lower as compared to previous rate of Rs 40.47.

The rupee today closed firm at 61.97/98 (62.45) against the Euro. It ended almost strong at 80.87/88 (81.51) per unit against the Pound Sterling and closed at 39.09/10 (39.37) per hundred units against the Japanese Yen.

UNI