Rupee climbs 25 paise against USD as oil slids further

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Mumbai, Aug 5 (UNI) The Rupee today climbed to a week's high and closed at 42.24/25 per US Dollar, gaining 25 paise from its previous close of 42.49/50 as crude oil prices slid to a three-month low and the stock market surged sharply.

The Indian unit suged to its highest in a week against the greenback, following the strong sentiments in local stock market coupled with sharp fall in oil prices to a three-month low at USD 188 per barrel, which eased concerns over a widening trade deficit, dealers said.

The partially convertible rupee hit an intraday high of 42.20, its strongest since July 28.

Meanwhile, the Sensex of BSE today surged 384 points, mostly gained in the second half of the session boosting up the investors' sentiments on the hopes of better inflows in the future session.

The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 42.28 per unit, down by 12 paise, against yesterday's rate of Rs 42.40 per dollar.

The six-month and annualised forward premium was quoted lower at 3.97 (4.20) per cent and 3.26 (3.55) per cent, respectively.

Rupee ended the day stronger at 65.44 (66.03/05) per unit against the Euro. It closed at 82.59 (83.37/39) per unit against the Pound Sterling. Rupee ended at 39.18 (39.20/22)per hundred units against the Japanese Yen.

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