Rupee ends firm at 39.31 against USD

Mumbai, Jan 7 (UNI) The Rupee today gained strength against the US Dollar to close four paise stronger at 39.31 per dollar, from its previous close of 39.34/35 on strong selling of dollars by foreign banks and positive trend in the Indian equity market.

The partially convertible Indian currency moved towards near to a decade-high of 39.16 per dollar, hit in November 2007.

Rupee touched a day's high of 39.21 per dollar on huge selling by some foreign banks in afternoon trade, dealers said.

It traded in a wide range band of 39.21 and 39.345 per dollar, before finally ending frim against the US unit in an active inter bank foreign exchange (Forex) market.

The six-month forward premium closed lower at 1.54 (1.79) per cent and annualized premium ended low at 1.26 (1.37) per cent.

Meanwhile, the Reserve Bank of India today fixed the reference rate at Rs 39.28 per dollar. The reference rate was up by 4 paise as compared to its Friday's rate of Rs 39.32 per dollar.

The Indian unit ended firm at 57.75 (57.85/86) against the Euro. It closed almost firm at 77.52 (77.69/70) per unit against the Pound Sterling, against Japanese Yen, the Rupee ended flat 35.93/94 per hundred units.

UNI PP OBB VKG1837