Rupee ends higher at 49.95 per dollar

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Mumbai, Nov 25 (UNI) The Rupee today firmed up, closing high at 49.95 against the US dollar with a gain of 15 paise from its last finish of 50.10 on heavy selling pressure on dollars by foreign banks.

The indian unit appreciated by 37 paise against the US dollar to Rs 49.72 in early trade on dollar selling by banks.

Dealers at the Interbank Foreign Exchange (Forex) market said that there was heavy dollar selling by banks on expectation of some easing in foreign fund withdrawals as equity markets opened higher in line with global markets. Dollar's weakness against other major currencies also boosted the sentiment, they added.

Global markets soared today following strong overnight rally on the US bourses after the government bailed out troubled banking giant Citigroup.

However, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 49.97 per unit, down by 12 paise, against its yesterday's rate of Rs 50.09 per dollar. The reference rate for Euro was up by 81 paise to Rs 64.21 per unit from its last close of Rs 63.40 per unit, a RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were firm by 3.10 (2.94) per cent and 2.10 (2.02) per cent respectively.

The Rupee closed upward at 63.08/10 (63.40/42 ) per unit against the Euro. It closed at 75.18/20 (74.72/74) per unit against the Pound Sterling and at 51.74/76 (52.20/22) per hundred units aginst the Japanese Yen, brokers added.

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