Rupee ends flat at 39.96 against USD during week

Mumbai, Apr 12 (UNI) The Rupee ended flat at 39.96 against the US dollar in the week ended April 11 after a series of range-bound sessions amidst bouts of alternate buying and selling of dollar in the forex market.

The Indian unit mostly remained range-bound near the 40 level.

However, it touched an intraday high of 39.80 once and then reverted back to the level on which it ended the week, as exporters and banks bought dollars at its lower level, dealers said.

The partially convertible Indian currency traded in a range band of 39.80 and 40.04 per dollar, before closing the last session of the week on a flat note in a fairly active foreign exchange market despite the Indian equity market gaining nearly 500 points, dealers said. The Reserve Bank of India also bought a considerable amount of dollar during the same period.

According to the government data released yesterday, the inflation based on wholesale price index (WPI) touched a new three-year high at 7.41 per cent in the week ended March 29 from its previous rate of 7 per cent.

The Rupee is expected to move up in the future sessions as it is hoped that the RBI would let the Indian currency to appreciate against the dollar to rein inflation, a senior dealer with a leading private bank said.

UNI AR-PP MAZ SKB1922