Rupee gains 12 paise against USD, closes at 40.68/69

Mumbai, Sep 7: Indian Rupee gained by another 12 paise and closed at Rs 40.68/69 per U S Dollar from the previous close of Rs 40.80/81, in a Rupee-dominated trade at the Interbank Foreign Exchange (FOREX) market today.

The local currency has so far advanced by 20 paise during the week ended today.

Marketmen described the trend as one-sided trading in which Rupee continued its gain over the American Greenback.

Players bought the local units on hopes of investors inflows into the stock market, though concerns about the fallout from the US mortgage market capped gains, dealers said.

Mirroring the firm trend, Rupee opened at Rs 40.74/75 per USD, it touched a high of 40.67 per USD during the course of trading, before finishing at Rs 40.68/69, registering a net gain of 12 paise from the previous close.

The Reserve Bank of India (RBI) also has fixed the reference rate at Rs 40.71 per US dollar, up by fourteen paise, as compared to yesterday's rate of Rs 40.85 per USD.

In the forwards, the sixth month and annualised forward premia ended lower at 1.26 (1.08)and 1.44 (1.44) per cent respectively.

The local currency closed higher against Euro at Rs 55.57/58 (55.76/77) per unit, and at Rs 82.02/03 (82.36/37) per Pound.

The Rupee ended higher at Rs 35/23/24 (35.35) per 100 Japanese Yen.

UNI