Rupee ends at a year's low at 41.76/77 per US dollar

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Forex
Mumbai, May 8: The drift of the Rupee continued for the third day today as it lost 40 paise to the greenback to end at an year's low of 41.76/77, from the last close of 41.36, on sustained dollar demand from oil importers and some foreign banks.

The rupee saw a steep fall of Rs 1.05 in the last three days and it continued the southward journey following the bullish phase in crude oil prices.

Rupee fell to a year's low at 41.76 per dollar as record high oil prices pushed up dollar demand from refiners and weak stock markets doused hopes for foreign inflows.

Later, Rupee ended at 41.76/77 per dollar, off an intraday low of 41.80, the weakest since April 20, 2007, and high at 41.53 against the US dollar. The rupee had closed at 41.36/37 on Wednesday.

Reserve Bank of India today fixed the reference rate for US Dollar at Rs 41.79, up 59 paise from yesterday's rate of Rs 41.20 per USD.

The six-month premium was quoted at 1.56/52 (1.80/82) per cent and annualised premium closed at 1,37/39 (1.53/55) per cent.

The local currency ended the day at 64.07/09 (63.67/69) against the Euro, 81.58/60 (80.69/71)per unit against the Pound Sterling and 40.06/08 (39.20/22) per hundred units against the Japanese Yen, dealers said.


UNI

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