Rupee sheds its previous gains, ends at 40.44/5 against USD

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Mumbai, Mar 13: The Rupee today shed its previous gains against the US Dollar to close at 40.44/45, weaker by twelve paise from its previous close of 40.32/33 per dollar in a volatile trading session on the inter bank forex market.

The partially convertible Indian currency started at 40.46/46 against the greenback following a weak trend in Indian equity market and traded in a range band of 40.39 and 40.60 per dollar during the day, dealers said. Dealers said the local unit ended weaker but was not much influenced despite soaring gold and crude oil prices in the international market as it was supported by good supply of dollars in the forex market.

'' Rupee was supposed to depreciate sharply against dollar as the Indian bourses were under strong selling pressure throughout the day. But it was supported by the supply through the Gammon Infrastructure IPO, as it was in good demand today from the foreign investors,'' said a senior dealer with a leading private bank.

The key indices of Indian bourses today sharply fell nearly 5 per cent tracking the steep fall in Asian markets, while gold prices surged near USD 1000 per ten gram and crude oil price hovered at USD 110 per barrel level.

Meanwhile, the six month premium was quoted higher at 1.20 (0.92) per cent and annualised premium closed at 1.00 (0.83) per cent. The Reserve Bank of India fixed the reference rate for the US dollar at Rs 40.44, eight paise up as compared to previous rate of Rs 40.36.

The rupee today closed weak at 62.64/65 (61.97/98) against the Euro. It ended almost at 81.90/91 (80.87/88) per unit against the Pound Sterling and closed at 40.04/05 (39.09/10) per hundred units against the Japanese Yen.

UNI

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