Rupee closes higher at 49.68/70 per US dollar

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Mumbai, Oct 29 (UNI) The Rupee today ended higher at 49.68/70 against the US dollar with a gain of 20 paise from its last close of 49.88 on month-end dollar demand from oil refiners and importers.

Rupee resumed firm at 49.60 per dollar and later fluctuated in a narrow range between 49.60 and 49.88. It was slightly stronger in afternoon trade as gains in local stocks raised hopes of fresh capital inflows, but month-end dollar demand from oil firms weighed in.

The partially convertible rupee was at 49.79/49.81 per dollar, off an intra-day low of 49.95 and compared to 49.87/88 at its close on Monday.

However, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 49.77 per unit, down by 32 paise, against Monday's rate of Rs 50.09 per dollar. The reference rate for Euro rose by Rs 60 paise to Rs 63.36 per unit from its last close of Rs 62.76 per unit, a RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were higher by 2.40 (2.06) per cent and 1.66 (1.52) per cent respectively.

The rupee was gained modestly at 63.60/62 (61.96/98) per unit against the Euro. It closed at 79.70/72 (76.90/92) per unit against the Pound Sterling and at 51.18/20 (53.50/52) per hundred units against the Japanese Yen.

Trading in forex market will remained closed here tomorrow for Bhau Beej, brokers added.

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