Rupee ends flat at 39.280/285 against USD

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Mumbai, Jan 11: The Rupee today ended at 39.280/285 per dollar, unchanged from its previous close on suspected intervention by the Reserve Bank of India (RBI).

The partially convertible Indian currency traded in a tight range band between 39.28 and 39.30 per dollar in a very dull trading session in the inter-bank foreign exchange (Forex) market, dealers said. Dealers maintained that the local unit was likely to strengthen against the greenback, buoyed by overseas investment flows, slated for Reliance Power's initial public offering this week, though RBI intervention could limit gains.

Suspected apex bank's intervention blocked attempts to test beyond 39.20 last week, dealers said adding, RBI has bought around USD 3 billion so far this year to cap the local currency.

The six-month forward premium closed higher at 1.83 (1.71) per cent and annualized premium also ended lower at 1.33 (1.39) per cent.

Meanwhile, the apex bank today fixed the reference rate at Rs 39.29 per dollar. The reference rate was flat compared to Friday's rate.

The Indian unit ended weak at 58.30 (58.06/07) against the Euro, while it closed firm at 76.80 (76.88/89) per unit against the Pound Sterling. Against the Japanese Yen, the Rupee ended at 36.35 (36.08/09) per hundred units.


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