Rupee strenghtens, trades at 40.95/97 per USD

Mumbai, May 14: The rupee traded strong at 40.95 per dollar in morning session against the previous close of 41.26, tracking gains in other Asian currencies against the dollar.

At 0945 hrs, the domestic unit was trading at 40.95/96 per dollar, rising sharply from Friday's close of 41.26.

The home currency had touched 40.53 early last week, its strongest since May 1998. The rupee has risen about 8 per cent against the dollar this year, dealers said.

The market observers are expecting further monetary tightening bids by the Reserve Bank of India (RBI) in the next month or so, they added.

UNI