Rupee opens firm at 39.74/75 per USD

Mumbai, Feb 28 (UNI) The Rupee today extended gain by another three paise against US Dollar to open firm at 39.74/75 from its previous close of 39.77/78 per dollar on heightening possibilities of rate cut by US Federal Reserve.

The local unit inched up on the prospect of further Fed rate cuts weighing on the dollar. Repotedly, Federal Reserve Chairman Ben Bernanke signalled a readiness to cut interest rates again, dealers said.

However, dealers remained cautious about suspected intervention by the Reserve Bank of India against the Indian currency.

UNI PP DB SM1151