Rupee hits three month low, ends at 39.76/77 against dollar

Mumbai, Feb 13: The Rupee today hit a three-month low to close at 39.76/77 per US Dollar, losing about 10 paise against the dollar on strong demand by foreign and nationalised banks amid volatile trade in the forex market.

The partially convertible Indian currency, however, made a firm openning at 39.61/62 against the greenback in early trade on fresh inflows in the Indian equity market and remained almost rangebound till afternoon trade. But, later it lost ground and hit a more than three months low at 39.89/90 per dollar before ending the day on extemely weak note despite good gains in equity market, dealers said.

Meanwhile, the forward primia for six months closed much lower at 0.38 (0.6) per cent and annualised primia closed at 0.90 (1.02) per cent. The Reserve Bank of India today fixed the reference rate for the US dollar at Rs 39.68 as against privious rate of Rs 39.65.

The Indian unit ended lower at 57.96 (57.72/73) against the Euro.

Rupee closed weaker at 78.05 (77.43/44) per unit against the Pound Sterling and it ended the day at 36.92 (37.00) per hundred units against the Japanese Yen.

UNI