Mumbai: Rupee trades at 40.96/98 per dollar

Mumbai, May 9: The Indian Rupee slipped down in the morning session to trade at 40.96/98 from the previous close of 40.83/84 yesterday.

The Rupee had hit a nine-year high of 40.53 on Monday and has gained more than 8 per cent this year, with most of the gains coming in the past two months, boosted by capital inflows into the fast-growing economy, dealers said.

Foreign funds have bought more than USD 2.9 billion worth of stocks so far in 2007.

The Rupee took its cue from some other Asian currencies, which inched lower against the dollar today, brokers said.

Strong demand for dollars from oil importers and rising crude prices were weighing on the Rupee, they added.

UNI