Rupee weakens by 30 paise, closes at 42.55/56 per USD

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Mumbai, July 28 (UNI) The Rupee today weakened by about 30 paise to close at 42.55/56 per US Dollar from its previous close of 42.26/27 ahead of the monetary review by the Reserve Bank.

The Indian unit shed earlier gains against the greenback as oil refiners bought dollars in the local currency market to meet month-end import commitments, dealers said.

The partially convertible Indian rupee came off an early high of 42.1950. It has hit a high at 41.82 per dollar last week, its highest since May 12.

The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 42.30 per unit, down by 7 paise against its yesterday's rate of Rs 41.23 per dollar.

The six-month and annualised forward premium was quoted at 4.70 (4.67) per cent and 3.95 (3.93) per cent, respectively.

Rupee ended the day firm at 66.42 (66.39) per unit against the Euro. It closed at 84.03 (84.20/22) per unit against the Pound Sterling, while Rupee ended flat at 39.26 (39.26/28) per hundred units against the Japanese Yen.

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