Rupee ends stronger at 40.78/79 against USD

Mumbai, May 16 (UNI) The Rupee today posted a day's high of 40.76/77 against dollar drawing support on strong capital inflows before closing at 40.78/79.

The early day rise of the domestic unit made dealers to forsee another nine-year high of Rupee, which may happen in the next session, a leading dealer said.

The Indian unit had touched a nine year high of 40.53 last week.

Rupee opened stronger today at 40.82/83 as compared to the previous day's close of 40.96/97.

The forward premia today fell marginably as the six-month and 12-month premia ended at 4.19(4.69) and 3.82(4.11) respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 40.84 per US dollar, up by three paise from its yesterday's rate of Rs 40.87 per USD.

The spot Rupee also appeared firm against major world currencies.

Against Euro, the Rupee closed at 55.10(55.34/35) per unit each, against Pound it finished at 80.40(80.78/790 per unit each and the Yen was also quoted higher at 33.67(33.95/96) per 100 units each, dealers added.

UNI