Rupee ends at eight week low at 40.63/64 per USD

Mumbai, May 2: The Rupee today ended at an eight week low at 40.63/64 against the USD, with a small loss of ten paise from the previous day's close of 40.50/52 on heavy purchases by foreign banks.

Rupee fell to 8 weeks low on Friday, but then trimmed losses as banks liquidated some of their long dollar positions and exporters cashed in their holdings.

Rupee opened low at 40.52/54, later ended at 40.64/65 per dollar, off an intraday low of 40.78, which was the weakest since March 17, It had finished at 40.50/52 on Wednesday and the market was closed on Thursday.

Reserve Bank of India today fixed the reference rate for US Dollars at Rs 40.65, up by 19 paise from Wednesday's rate of Rs 40.46 per USD.

The six-month premium was quoted at 1.96/98 (1.82/84) per cent and annualised premium closed at 1.60/62 (1.58/60) per cent.

The local currency ended the session at 62.66/68 (62.90/92) against the Euro. It closed at 80.50/52 (79.64/66) per unit against the Pound Sterling. The local unit closed at 38.58/60 (38.62/64) per hundred units against the Japanese Yen, dealers added.

UNI