Rupee gains further, closes at 39.7350/7450 per USD

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Mumbai, Sep 25: The Rupee advanced further marginally against U S Dollar and closed at 39.7350/7450 as compared to the previous close of 39.76/77 per U S Dollar at the interbank foreign exchange (forex) market today.

The local currency started trading at Rs 39.78/80 per U S Dollar, weaker than the previous close, but firmed up to a high of Rs 39.72/73 per USD during the course of trading. The Indian Unit finally ended at Rs 39.7340/7450 per U S unit, showing a marginal gain of about three paise from the previous close, dealers said.

Rupee has been on a gaining spree since the US Federal Reserve announced cut in interest rates. Backed by heavy inflow of foreign investment, the local currency is expected to gain further, dealers said.

Sixth month forward premia against U S Dollar ended higher at 1.26 per cent (0.78 per cent) while, the 1-year annualised premia ended at 1.35 per cent (1.04 per cent).

Reserve Bank today fixed the reference rate at Rs 39.81 per US dollar, up by 1 paise as compared to the previous mark of Rs 39.82 per dollar.

In the cross currencies, the Rupee ended weak against Euro at Rs 56.45 (56/03) per unit. The local currency closed slightly higher against pound sterling at Rs 79.95 ( 80.42) per unit each, while it finised at 34.80 against Japanese Yen from the previous close of 34.53 per hundred units each.


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