Rupee ends at over one-year low at 42.06/07 against USD

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Mumbai, May 12 (UNI) The Rupee today fell at over an year's low to close at 42.06/07 against the US Dollar, losing 46 paise from its previous close of 41.60/61 on concerns of Industrial slowdown.

The partially convertible Indian rupee slid to about 13 month low after the report showed that the industrial production had marked the slowest growth in six years, dealers said adding that sustained demand of dollar by the oil companies also pushed the local unit down against the greenback. Rupee touched an intra-day low at 42.12/13 per dollar in late trade.

The Indian currency went past over 42 per dollar level for the first time since April 2007 after the report that the annual pace of growth in Industrial output had came down to 3 percent in March from 8.6 percent in the previous month, a senior dealer with a leading private bank said.

The currency had declined 2.3 percent last week, the most since 1998 and slid 5.4 percent this year.

Reserve Bank of India today fixed the reference rate for US Dollar at Rs 41.68, higher by 30 paise from previous rate of Rs 41.38 per USD.

The six-month premium was quoted at 1.49 (1.23) per cent and annualised premium closed at 1.31 (1.13) per cent. Meanwhile, rupee ended the day at 64.78/79 (64.05/07) per unit against the Euro. It closed at 82.12/13 (81.80/82) per unit against the Pound Sterling and ended at 40.38/39 (40.34/36) per hundred units against the Japanese Yen.

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