Rupee breaches 4 month high figure of Rs 47.00/USD

Mumbai, July 19: Indian Rupee today grew weaker by 30 paise to close at a four month high of Rs 47.00/US Dollar compared to the previous close of Rs 46.70/US Dollar, primarly triggered by the stock market decline, a trader in the money market said.

The weak rupee is good for exports and will help the software scrips like Infosys, TCS and Satyam to surge if the situation continues, the trader added.

Rupee earlier opened at Rs 46.75/78/US Dollar and in the mid morning session traded at 46.93/95/US Dollar.

RBI today fixed the Reference Rate at Rs 46.95/US Dollar.

The six month forward premia was fixed at 1.03 per cent and the one year forward premia was fixed at 1.18 per cent.

Rupee performance against other currencies also declined, against Euro it was down at Rs 58.70(58.47), against Pound Sterling it was down at Rs 85.85 (85.35), and against Yen it was down at Rs 39.95 (39.88).

UNI