Rupee ends stronger at 40.54 against USD

Mumbai, June 1: The Rupee ended stronger today at 40.54 per dollar, up by 6 paise from the last close of 40.60/61.

The local currency will maintain strength in the coming sessions also as capital inflows are expected to continue to the market, a leading broker told UNI.

''Rupee has positioned itself as the strongest Asian currency with inflows still high. This trend is likley to continue in coming sessions also'', said Indrajith Sen Gupta, Chief Forex Dealer, Canara Bank.

Earlier in the morning session, Rupee opened at 40.55 against Dollar and later went down to mark a day's low of 40.58/59 but returned stronger in the afternoon session to mark a day's high of 40.51 before closing the trade at 40.54 per dollar.

Reserve Bank of India (RBI) fixed the reference rate at Rs 40.54 per US dollar, up by 19 paise from yesterday's rate of Rs 40.73 per Dollar.

Forward premia improved slightly today as six month premia was quoted at 2.71 percent(2.57) while annualised premia closed at 2.75 percent(2.72).

The local unit appeared stronger against major world currencies also.

Against Euro Rupee closed higher at 54.15(54.40/41) per unit, while it finished at Rs 79.77 (79.99/80.01) per unit each against Pound Sterling and was quoted at 33.06 (33.26/28) per 100 units each against Yen.

UNI