Rupee closes stronger by 34 paise at 42.51/52 against USD

Mumbai, Apr 13: The Rupee today rose by 34 paise and finished at Rs 42.51/52 against the US dollar, compared to its previous close of Rs 42.85/86, on increased dollar sell by exporters and foreign funds, dealers said.

Earlier, in the morning session, Rupee opened slightly higher at 42.78/80 but later registered a day's high of 42.51/52 and a low of 42.85/86, before finishing at the same rate on close.

The bonds ended weak on fear that RBI could announce MSS tender today. Bond auction under MSS expected for Rs 40 billion. Banks' SLR-related demand limits fall in prices.

Six-month and Twelve-month forward premia closed higher at 5.90 per cent (5.36) and 4.53 per cent (4.20), respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 42.74 per US dollar, up by 12 paisa from its yesterday's rate of Rs 42.86 per USD, according to a RBI spokesperson here.

Besides, the domestic unit witnessed a weaker trend against major world currencies. Against the Euro it closed weaker at 57.27/32(57.52/42), Pound finished lower at 84.12/20 (84.50/52) per unit each and Yen was also quoted lower at 35.73/74 (35.80/82) per 100 units, brokers added.

UNI