Mumbai, Apr 29: The Rupee today closed at a six week low at 40.47/48 against the US dollar with a loss of 30 paise from its last close of 40.16/17 on heavy speculative dollar demand from foreign banks and the oil sector. Rupee dropped to a six-week low, pulled down by a defence payment and dollar purchases by oil refiners, but dealers said RBI's policy review had little impact on the market.
The Rupee opened low at 40.14/16, later it fluctuated in a wide range and was quoted between 40.14 and 40.49 during the sesssion, ending at 40.47/48 per dollar, its lowest close since March 18. It had finished at 40.16/17 on Monday. Reserve Bank of India today fixed the reference rate for US Dollar at Rs 40.22, up by eight paise from yesterday's rate of Rs 40.14 per USD The six-month premium was quoted at 2.28/30 (2.74/76) per cent and annualised premium closed at 1.92/94 (2.22/24) per cent.
The local currency ended the session at 62.92/94 (62.72/74) against the Euro. It closed at 79.70/72 (79.90/92) per unit against the Pound Sterling. The local unit closed at 38.90/92 (38.36/38) per hundred units against the Japanese Yen, dealers added.