Rupee closes flat at 42.86/87 per USD

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Mumbai, June 11 (UNI) The Rupee today closed flat at 42.86/87 against the US Dollar following positive trend on the stock market and the suspected intervention by the Reserve Bank of India.

The Indian unit started the day on a weak note at 42.96/97 per dollar but strengthened later following the uptend in the local stock market and touched an intraday high at 42.82 per dollar, dealers said.

Rupee bounced back from its early low on speculation that the central bank will stem losses and prevent sharp fall in currency, dealers opined.

Reserve Bank of India (RBI) today fixed the reference rate for US Dollar flat at Rs 42.89 per unit as compared to previous rate.

The six-month premium was quoted lower at 2.11 (2.63) per cent and annualised premium closed at 1.85 (2.17) per cent.

Meanwhile, Rupee ended the day firm at 66.42/44 (66.71/72) per unit against Euro. It closed at 83.88/89 (84.07/08) per unit against the Pound Sterling and ended firm at 39.90/91 (40.23/24) per hundred units against the Japanese Yen.

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