Rupee gains 25 paise, ends at 42.70/71 per USD

Mumbai, May 23: The Rupee came off the level of 43.00 against the US Dollar today to end at 42.70/71, gaining about twentyfive paise from its previous close of 42.95/96 on suspected intervention by the Reserve Bank.

The Indian currency resumed the day on a firm note at 42.85/86 against the greenback and continued appreciating throughout the day as the demand for dollars was limited from importers and reportedly, the central bank intervened to prevent the sharp fall of the rupee, dealers said.

Meanwhile, RBI today fixed the reference rate for the US Dollar at Rs 42.84 per unit, 31 paise lower from the previous day's level of Rs 43.15 per USD.

The six-month premium was quoted slightly lower at 1.80 (1.84) per cent and annualised premium closed at 1.35 (1.37) per cent.

Rupee ended the day on a firm note at 67.24/25 (67.67/68) per unit against Euro. It closed at 84.55/56 (85.02/03) per unit against the Pound Sterling and ended at 41.25/26 (41.50) per hundred units against the Japanese Yen.

UNI