Rupee closes at 40.43 per US dollar

Mumbai, Jul 5: The Rupee closed today at 40.43 per US dollar, two paise up by its previous close at 40.45 against US currency.

Indian unit is likely to gain strength further due to enormous inflows, dealers said.

Rupee opened at the same value at 40.43/44 per US dollar in the morning, went down to 40.52 by noon and in the late session gained its strength up to 40.39, closing at the opening value.

Forward premia gone up by at least ten basis as six month premia ended at 2.27 (2.15) and annualised premia at 2.32 (2.23).

Meanwhile, Rupee has also gained strength against major currencies. Against Euro it ended at 55.00 (55.03) per unit, at 81.40 (81.50) against Pound Sterling while Japanese Yen was quoted at 32.90 (33.00) per 100 units each.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 40.46 per US dollar, up by three paise from its yesterday's rate of Rs 40.49 per USD, a RBI spokesperson said.

UNI