Rupee ends on flat note at 39.97 against USD

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Forex
Mumbai, Apr 22: The Rupee today closed almost flat at 39.97 against the U S Dollar from the previous close of 39.97/98 on reported intervention by the Reserve Bank of India.

The partially convertible Indian currency traded in a tight range band between 39.90 and 39.97 per dollar, before ending flat in a fairly active inter-bank foreign exchange market. Reportedly, the RBI intervention capped the Rupee's further appreciation against the greenback, dealers said.

The Indian unit had hit a three-week intra-day high at 39.87/88 per dollar but the suspected intervention of Central Bank pulled it to the level of 39.90/95 level that day, a senior dealer with a leading private bank said.

Meanwhile, RBI sucked out Rs 39,705 crore through liquidity adjustment facility today, which held the rupee at its previous level, though there was good inflow of dollar in the market amidst bouts of selling and buying, he added.

Dealers further expect that the local unit will have a tendency of getting stronger, though the RBI's intervention would hold its appreciation against dollar.

Indian bourses, which resumed the session in red, recovered in the aftenoon session and ended with positive gap on fresh inflows in the capital market.

RBI today fixed the reference rate for US Dollar at Rs 39.94, higher by five paise from previous Rs 39.89 per USD.

The six-month premium was quoted at 2.91 (3.12) per cent and annualised premium closed at 2.29 (2.33) per cent.

The local currency ended the session at 63.62 (63.47/49) against the Euro. It closed at 79.65 (79.25/27) per unit against the Pound Sterling. The local unit closed at 38.69 (39.59/61) per hundred units against the Japanese Yen.


UNI

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