Rupee closes weaker at 42.96/97 against USD

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Mumbai, June 19 (UNI) The Rupee closed weaker at 42.96/97 against the US Dollar, depreciating by seven paise from its previous close of 42.89/90 per dollar as the stock market witnessed sharp fall today.

The Indian currency weakened on concerns of more foreign fund outflows from stock market, dealers said.

Rupee traded in a narrow range band of 42.91 and 42.98 per dollar in a fairly active interbank foreign exchange market. However, the suspected intervention by the Reserve Bank of India prevented the local unit's move beyond 43.00 level, dealers added.

Reserve Bank of India (RBI) today fixed the reference rate for US Dollar at Rs 42.93 per unit, three paise up as compared to previous rate Rs 42.90 per unit.

Meanwhile, the six-month and annualised premium was quoted more higher at 3.35 (2.75) per cent and 2.97 (2.50) per cent, respectively.

Rupee ended the day weaker at 66.53/54 (66.30/31) per unit against Euro. It closed weaker at 84.63 (83.55/57) per unit against the Pound Sterling and ended at 39.85 (39.56/57) per hundred units against the Japanese Yen.

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