Rupee ends at 40.84/86 against USD

Mumbai, May 4: The Rupee today strengthened further to close at 40.84/86 against the US Dollar, nearing the nine year high of 40.60 attained last week.

The spot Rupee moved within striking distance of a 9-year high as investors took a view that the Reserve Bank of India (RBI) would not intervene to block it, dealers said.

In the morning session, Rupee opened at 41.04/05 against the USD which was also the days low, said brokers. It registered an intra day high of 40.91 against USD in the morning session.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 40.90 per US dollar, up by 28 paise from yesterday's rate of Rs 41.18 per USD, according to a RBI spokesperson here.

The forward premia today showed weaker as six-month and 12-month forward premia today closed at 5.56(5.99) percent and 4.68 (4.84) percent, respectively.

Against the major world currencies the domestic unit showed a weaker trend. Against Euro, the domestic unit closed weaker at 55.28/29 (55.49) per unit each, against Pound it finished lower at 80.98/99 (81.26/32) per unit each and the Yen was also quoted lower at 33.89/90 (34.00)per 100 units each, traders said.

UNI