Rupee ends almost flat at 39.96/97 against USD

Mumbai, Apr 7 (UNI) The Rupee today ended almost flat at 39.96/97 against the US Dollar from its previous close of 39.95/96 despite the Indian bourses posting smart gains.

The partially convertible Indian Rupee started the day on a firm note on hopes the central bank may allow the rupee to gain to rein in inflation, driven by high global commodity prices, but dollar buying by oil refiners limited its gain against the greenback in the second half of the session, dealers said.

The local unit touched day's high at 39.90 per dollar and therefter came down at a day's low of 39.9825 per dollar before closing on a firm note in late trade.

Moreover, Rupee was rangebound most of the day in a limited range difference of six to eight paise. '' Some oil companies were seen buying dollars at its low level of Rs 39.90 per dollar and that is keeping the rupee rangebound,'' a senior dealer with a leading private bank said.

Dealers said there might be some dollar buying by large state-run banks on behalf of the central bank to curb an outsized appreciation of the rupee.

Meanwhile, the Reserve Bank of India fixed the reference rate for the USD today at Rs 39.93, down by four paise as compared to Rs 39.97 yesterday.

The six-month premium was quoted almost higher at 2.76 (2.53) per cent and annualised premium ended lower at 1.59 (1.77) per cent.

The Rupee ended the session at 62.76 (62.75) against the Euro. It ended at 79.50 (79.84) per unit against the Pound Sterling and closed at 38.93 (38.97) per hundred units against the Japanese Yen.

UNI PP OBB VKG1830