Rupee ends weaker at 40.60/61 per dollar

Mumbai, May 24: The Rupee today ended weaker at 40.60/61 as the Reserve bank of India intervened in the market to stem its gains dealers said.

Rupee had closed at 40.55/56 yesterday.

The local currency, which opened trade today at 40.53/55 per dollar, remained steady at 40.56/58 till 4.00 pm before falling in to a day's low of 40.60/61.

''Reserve bank intervened in the market today and bought dollars to contain Rupee's gains.'', said a leading dealer.

The forward premia went down today as six month premia were quoted at 4.23 percent(4.36) while one year premia ended at 3.68 percent(3.78).

The Reserve Bank of India (RBI) reference rate today stood at Rs 40.57 per US dollar, down by two paise from previous rate of Rs 40.55.

The Indian currency today stood stronger against major world currencies. Against Euro, Rupee ended higher at 54.36/38 percent(54.70/71) per unit each, against Pound the local currency ended higher at 80.36/38(80.47/48) per unit while against Yen, it was quoted up at 33.32/33 percent (33.37) per 100 units each, dealers said.

UNI