Rupee eases marginally; closes at 41.06/07 per USD

Mumbai, Aug 24 (UNI) The Rupee ended steady at 41.06/07 againt US dollar, taking a slight slide compared to the previous close of 41.04/05 per dollar at the interbank foreign exchange (forex) market today.

The Indian unit opened weaker at 41.09/10 per dollar, it touched a low of 41.20/21 and a high of 41.03/05 during the course of trading.

The local currency finally ended marginally weak at 41.06/07 as compared to its previous close of 41.04/05 per dollar, dealers said.

''The Indian unit eased as traders focused on the fallout of turbulence in the US housing and credit markets,'' a senior dealer with a leading private commercial bank said.

The dealers also opined that the Rupee was likely witness a range bound trading during the week ahead. It is expected to make a firm start at 41.10/15 per dollar on Monday, they added.

Yesterday, the Rupee had dipped by about fifteen paise against the American Greenback and closed at 41.04/06 in volatile trading.

In the forwards, the 6th month and 1-year forward premia were quoted lower at 1.25 (1.47) and 1.46 (1.50) per cent respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at 41.18 per US dollar. The reference rate was down by 32 paise against US dollar as compared to yesterday's rate of Rs 40.86 per USD.

Rupee also traded weaker against all the major world currencies.

It closed weaker by nearly 40 paise against Euro at 55.87/88 (55.46/47) per Euro. Against Pound Sterling, the local currency ended 37 paise weaker at 82.31/32 (81.93/94), and it slipped against the Yen at 35.43/44 (35.05/06) per 100 yen.

UNI