Rupee gains 30 paise against USD as oil prices ease

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Mumbai, July 30 (UNI) The Rupee today gained about 30 paise to close firm at 42.36/37 against the US Dollar as compared to previous close of 42.66/67 per dollar, as global oil prices further eased and stock markets surged on strong global sentiments.

The partially convertible Indian currency snapped a four-day downtrend as global crude oil traded near the lowest level in 12 weeks on the New York Mercantile Exchange, dealers said.

The rupee also strengthened as Indian bourses recovered previous losses and Sensex surged nearly 500 points that boosted hopes of overseas funds inflows in the market, they added.

After opening firm at 42.50/52 per dollar in the early trade, rupee traded in wide range band between 42.34 and 42.57 during the day in a fairly active inter bank foreign exchange market.

The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 42.47 per unit, down by 7 paise against its yesterday's rate of Rs 42.54 per dollar.

The six-month and annualised forward premium was quoted at 4.97 (5.15) per cent and 4.14 (4.22) per cent, respectively.

Rupee ended the day firm at 65.95 (66.95/97) per unit against the Euro. It closed at 83.85 (84.76/78) per unit against the Pound Sterling, while Rupee ended at 39.18 (39.50/52) per hundred units against the Japanese Yen.

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