Rupee rally continues; ends at 40.90/91 against USD

By Staff
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Google Oneindia News

Mumbai, Apr 25 (UNI) The Indian Rupee today scaled past 41 per dollar keeping the momentum in previous consecutive days, buoyed by robust capital inflows, before ending at 40.90/91 against the US dollar, compared to its previous close of 41.16/17.

The Rupee traded as high as 40.85 against the USD, which is the strongest performance by the domestic unit since May 1998.

Later, the rupee registered a day's low of 41.12 against the dollar. The gains followed a rise of more than 1 per cent yesterday, when it closed at 41.16/17.

With RBI intervention seen as less of an immediate concern, market felt confident to build long positions in the Rupee, even after the Reserve Bank of India took steps yesterday to encourage more fund outflows as a way to ease upward pressure on the currency.

But still, some section of the market were wary about the Rupee's rising streak, said one of the dealing dealers.

The forward premia levels showed a stronger trend. The Six-month and Twelve-month forward premia closed at 6.24(5.93) and 4.83(4.73), respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 40.97 per US dollar, up by 67 paise from its yesterday's rate of Rs 41.64 per USD, said RBI.

The domestic unit appeared weaker against the world currencies.

Against the Euro, the Rupee closed at higher at 55.41 per unit each, Pound finished lower at 81.32/37(81.50) per unit each and Yen was also quoted weaker at 34.20/24(34.30) per 100 units, brokers said.

UNI

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