Rupee ends firm 40.89/90 against dollar

Mumbai, Apr 26: The Rupee came off a fresh nine-year high todayand closed at 40.89/90 per dollar as compared to the previous close of40.90/91 on Wednesday, as oil refiners bought dollars to pay forimports.

Earlier, the spot Rupee registered a day's high of 40.60 andremained volatile throughout the session before closing, dealers said.

In the early hours of opening trade, Rupee showed signs ofappreciation, drawing the benefit of a weak dollar and robust foreigninstitutional investments (FII) and foreign direct investmenst (FDI)inflows into stock markets.

Later, Rupee moved away from the high levels hampered by month-end corporate demand.

Forward premia, despite falling by nearly 10 paise in the lasttrading hour, were appreciated by 16-17 paise amid paying pressure bybanks and importers today.

Six-month and 12-month forward premia closed at 6.55 per cent (6.24) and 5 per cent(4.83) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate atRs 40.78 per US dollar, up by 19 paise from its yesterday's rate of Rs40.97 per USD, said RBI sources.

UNI