Rupee closes cheaper by 3p at 40.14/15 per USD

Mumbai, Mar 26: The Rupee today closed weaker by nearly three paise at 40.14/15 against the USD from its previous close of 40.11/12 following bearish phase in the indian equity market. The local unit moved in a narrow range band of 40.10 and 40.17 per dollar before closing downward in late trading session amidst some buying of dollars in an extremely active inter bank foreign exchange market.

The weakness in the housing market spells more trouble for the US economy and the dollar because consumers are now dealing with the triple blow of falling housing market values, a deteriorating labour market and rising prices. a dealer said. Meanwhile, the six-month premium was quoted higher at 1.80/82 (1.60/62) per cent and annualised premium appreciated at 1.30/32 (1.28/30) per cent.

The Reserve Bank of India fixed the reference rate for the USD today at Rs 40.14, up by two paise as compared to yesterday's rate.

The Rupee closed weaker today at 62.91/83 (62.30/32) against the Euro. It ended at 79.90/92 (79.70/72) per unit against the Pound Sterling and closed at 40.30/32 (39.90/92) per hundred units against the Japanese Yen.

UNI