Rupee ends steady at 40.59/60 per dollar

Mumbai, May 25: The Rupee today ended nearly steady at 40.59/60 per dollar from the previous close of 40.60/61 in a relatively quiet trading at the Interbank Foreign Exchange (forex) market.

The local currency opened at 40.63/64, fell to the low of 40.68 immediately, but firmed up and quoted at 40.61/62 soon. The Rupee which had witnessed restricted activity during most part of the day finally closed at 40.59/60.

''Market was almost quiet and not much movement in the Rupee was witnessed today. The Reserve Bank of India (RBI's) presence in the market was one of the reason behind the rupee's range bound trading,'' said a senior dealer from a leading private commercial bank.

The forward premia went up as six month premia were quoted at 4.28 per cent (4.23 percent) while one year premia ended at 3.72 per cent (3.68).

The RBI has fixed the reference rate at Rs 40.60 per US dollar, down by three paise from yesterday's rate of Rs 40.57 per USD.

The rupee today stood stronger against major world currencies.

Against Euro, Rupee ended lower at 54.45/46 (54.36/38) per unit each, against Pound the local currency ended weaker at 80.42/43 (80.36/38) per unit. However, it was quoted up at 33.31/32 (33.32/33) per 100 units each, dealers said.

UNI