Rupee closes four paise up at 42.96/97 per USD

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Mumbai, June 20 (UNI) The Rupee today gained four paise to close at 42.92/93 per US Dollar from the previous close of 42.96/97 on suspected intervention of Reserve Bank of India.

The Indian rupee made a firm start but failed to sustain the early gains and fell sharply near 43.00 level as the stock market plunged heavily after the report of annual inflation hitting a 13-year high at 11.05 per cent. However, it recovered slightly and closed firm in the late trade due to suspected intervention of RBI that held it below the 43.00 level, dealers said.

Dealers maintained that rupee would be under pressure in the future as the record high inflation rate would dampen the market sentiments, dealers added.

RBI today fixed the reference rate for US Dollar at Rs 42.97 per unit, four paise up as compared to previous rate of Rs 42.93 per unit.

Meanwhile, the six-month and annualised premium was quoted much higher at 4.00 (3.35) per cent and 3.52 (2.97) per cent, respectively.

Rupee ended the day weaker at 67.04 (66.53/54) per unit against Euro. It closed weaker at 84.88 (84.63) per unit against the Pound Sterling and ended at 39.98 (39.85) per hundred units against the Japanese Yen.

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