Rupee firms up against USD at 40.83/84 per USD

Mumbai, June 28: The Indian rupee firmed up smartly and posted 16 paise gain against the U S Dollar at Rs 40.83/84 (41.00) in an extreme volatile trading in the Interbank Foreign Exchange (Forex) market this morning.

The rupee opened at 40.95/97 per dollar and immediately shot up to 40.83/84 during mid-morning trade, showing a gain of 16 paise over the previous close of 41.00, dealers said.

The local currency which has seen a continous decline since last friday and recorded a decline by 25 paise against the American Greenback, today bounced back partially on account of huge sell of dollars by few banks, forex dealers said.

''Market in the morning was extreme volatile and rupee may see further recovery against the U S Dollar,'' Senior Forex dealer at the leading private bank said.

UNI