Rupee ends low by 24 paise at 42.96/98 against USD

Mumbai, May 27 (UNI) The Rupee today ended lower at 42.96/98 against the dollar with a marginal loss of 24 paise from its previous close of 42.72/73 on sustained heavy dollar demand from importers, dealers said.

Rupee weakened as surging oil prices pushed up dollar demand from oil refiners and importers, raising the risk of widening the trade deficit.

Rupee resumed high at 42.77/80 and later fluctuated in a wide range between 42.75 and 42.98 during the session. It ended at 42.96/98 per dollar, 0.54 percent weaker than Monday's close of 42.72/73. It hit a 13-month low of 43.21 last week.

Meanwhile ,the sensitive index of the Bombay Stock Exchange today fell by 72.91 points to close at 16,275.59, extending the losses for the second straight day this week. Oil was trading above USD 133 per barrel today. It had touched a high above USD 135 a barrel last week. India imports almost 80 percent of its oil needs and refiners are the largest buyers of dollars.

Reserve Bank of India (RBI) today fixed the reference rate for US Dollar at Rs 42.89 per unit, 33 paise higher from the previous day's level of Rs 43.56 per USD.

The six-month premium was quoted higher at 2.46 (2.11) per cent and annualised premium closed at 1.79 (1.56) per cent.

Rupee ended the day slightly firm at 67.53/54 (67.21/22) per unit against Euro. It closed at 84.53/55 (84.34/36) per unit against the Pound Sterling and ended at 41.25/27 (41.22/24) per hundred units against the Japanese Yen.

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