Spot rupee ends at nine-year high of 40.87/89

Mumbai, May 7: The spot Rupee today ended at a nine-year high of 40.87/89 against the US dollar, dealers said.

The Rupee resumed higher at 40.70/72, and later recorded a high at 40.54/55 and a low at 40.87/89 during the session.

The Rupee hit a nine-year high today before ending weaker after a late bout of dollar buying by a State-run bank. The partially convertible Rupee rose to an early peak of 40.53 per dollar, its highest level since May 1998, before ending at 40.87/89.

It had closed at 40.84/86 on Friday last, traders added.

Meanwhile, the Reserve Bank of India (RBI) today fixed the reference rate at Rs 40.57 per US dollar, up by 33 paise from its yesterday's rate of Rs 40.90 per USD, according to a RBI spokesperson here.

UNI