Rupee ends weaker at 40.97/98 per dollar

Mumbai, Sep 4: Rupee ended marginally lower today at 40.97/98 per dollar, nine paise down from its previous close of 40.88/89 per dollar.

The unit, which stayed quiet over most part of the day, underwent some fluctuations in the late day trade as a few corportates were seen buying dollars, said a dealer.

Rupee, which opened at 40.86/88 per dollar today, posted an intra-day low of 40.99 during the day, which is a strong indication of Rupee crossing the psychological barrier of 41.00 in approaching sessions, said Naveen Raghuvanshi, a dealer with Development Credit Bank (DCB).

''Market was dull for most part of the day except some movements seen in the late day trade. I think Rupee may go beyond 41.00 per dollar tommorrow morning,'' he opined.

Forward premia fell today as 6-month premium was quoted at 1.05 (1.18) while annualised premium closed at 1.22 (1.30). Against the major world currencies, Rupee behaved stronger today.

Against Euro, it ended at 55.40/41(55.75) per unit each. Against pound sterling, the Rupee was at 82.11/12(82.47) per unit, while against the Yen it was quoted at 35.31/32(35.29) per 100 units.

Reserve Bank of India today fixed the reference rate at Rs 40.91 per US Dollar, up by eight Paise as compared to the previous day's rate of Rs 40.88 per dollar.

UNI