Rupee gains 29 paise against USD

Mumbai, Oct 23 (UNI) Marking its biggest rise in three weeks, the Rupee closed stronger by 29 paise against the US currency at 39.60 per dollar as compared to its previous close of 39.89 per dollar on the heels of the stock market recording a whopping gain today.

The partially convertible Indian currency started firm at 39.76/77 per dollar and traded in a wide range of 39.59 and 39.82 per dollar in an active inter-bank foreign exchange (Forex) market following the stock market movement, dealers said.

''As the market has started gaining and the volatility in the market has become phenomenal for past few weeks, the Indian unit is expected to gain further against the US unit in the future sessions,'' said senior dealers with a leading private bank.

The forward primia ended up today as the six months premium closed at 0.89 (0.68) per cent while annualised premium ended at 0.82 (0.690 per cent. Meanwhile, The Reserve Bank of India (RBI) today fixed the reference rate at Rs 39.69 per US dollar.The reference rate was up by 10 paise as compared to yesterday's rate of Rs 39.79 per USD.

The Indian currency was firm against world major currency today.

Rupee against euro ended firm at 56.34 (56.48) per unit. Against Pound Sterling, it closed firm at 80.98 (81.00) per unit, while against Japanese currency (Yen) Rupee was quoted firm at 34.50 (35.01) per hundred units.

UNI