Rupee closes weak at 41.04 per USD

Mumbai, Aug 23: After a two-day upward move, the Rupee dipped by about fifteen paise against US Dollar and closed at 41.04/06 as compared to its previous close in a day of volatile trading in the Interbank Foreign Exchange (Forex) market today.

The Indian unit opend firm at 40.85/86 per dollar and during the intra-day trade, it touched a low of 41.22/23 per dollar and a high of 40.85/86 before finishing weak at 41.04/06 as compared to its previous close of 40.89/90 per dollar, dealers said.

''Rupee has taken a reversal, as the market was choppy during the day and there was an outflow of USD 500 million through State Bank of India,'' a senior dealer with leading private bank said.

In the forwards, the 6th month forward premia quoted lower at 1.47 (1.54) per cent and 1-year premia also ended low at 1.50 (1.61) per cent.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 40.86 per US dollar, up by 15 paise, compared to yesterday's rate of Rs 41.01 per USD, an RBI spokesperson said.

Like the fall against U S Dollar, Rupee closed weaker at Rs 55.46/47 (55.11/12) against Euro. Against Pound Sterling, it ended at 81.93/94 (81.20/21). However, the Rupee ended higher against Yen, and closed at Rs 35.05/06 (35.50/51) per 100 yen.

UNI