Rupee closes almost flat at 39.30/31 per USD

Mumbai, Nov 15: The Rupee closed almost flat at 39.30/31 per US Dollar as compared to the previous close of 39.31/32 per dollar in a relatively less active forex market today.

The partially convertible Indian Rupee today started firm at 39.32/33 per dollar. It fluctuated in a narrow range of 39.28 and 39.34 on fresh buying of dollars by PSU banks during the day trade, dealers said.

Dealers maintained that for the short term, the Rupee may trade with range bound gap due to continuous reported intervention by the Central Bank. But, in long run, the Rupee is expected to appreciate against the greenback in future sessions as the persisting worries over slowdown in US economy is expected to continue further.

The six-month forward premium closed firm at 1.42 (1.38) per cent, while annualized premium ended marginally low at 1.16 (1.14) per cent.

Meanwhile, the Reserve Bank of India (RBI) fixed the reference rate for the US dollar at Rs.39.28 as compared to previous rate of 39.33 per dollar.

The Rupee traded strong against other major world currencies today. The Indian unit ended weak at 57.45 (57.67/68) against the Euro. The rupee closed stronger at 8.33/34 (81.20/21) per unit, against Pound Sterling. Against the Japanese Yen, the Rupee ended at 35.46/46 (35.44/45) per hundred units.

UNI