Rupee touches 40.39/40 level in the morning trade

Mumbai, July 5: Rupee today touched a high of 40.39/40, before trading slightly lower at 40.46/48 per dollar from its previous close of 40.44/45 in an volatile trading at the Interbank Foreign Exchange Market (Forex) market this morning.

The Indian Unit opened at Rs 40.40, higher by five paise from its previous finish (40.44/45), gained smartly and quoted at 40.39/40 within few minutes of its opening, forex dealers said.

However, the Rupee later saw a lower level of 40.51/52, before trading at 40.46/48 per dollar, they said.

The selling pressure by few foreign banks and PSU banks bring down the Rupee slightly from its higher level during the course of trading in the morning, dealers said.

The Indian Currency had been appreciating against the U S Dollar mainly on account of enormous inflows. The Reserve Bank of India staying away from the scene also extended indirect support to its appreciation, forex dealers opined.

UNI