Rupee dips by six paise at 39.97/98 against USD

Mumbai, Apr 21 (UNI) The Rupee today closed lower by six paise to close at 39.97/98 against the U S Dollar from the previous close of 39.92/93 on fresh purchase of dollars by foreign banks, dealers said.

Rupee fell from a three-week high struck in early trade, after suspected RBI intervention and dollar buying by oil firms.

Oil refineries bought dollars to meet import commitments as crude oil prices surged above USD 117 per barrel, a new record. India imports more than two-thirds of its oil.

Rupee resumed after a gap of four holidays at 39.83/84. Later, it was quoted at 39.97/98 per dollar, off an intra-day high of 39.83 and low at 39.98 per USD.

Meanwhile, Reserve Bank of India (RBI) today fixed the reference rate for US Dollar at Rs 39.89, down by five paise from April 17 rate at Rs 39.94 per USD.

The six-month premium was quoted at 3.12 per cent compared to 2.40 per cent the previous day and annualised premium was at 2.33 per cent against 1.75 per cent earlier.

The local currency ended the session at 63.47/49 (63.40/42) against the Euro. It closed at 79.25/27 (78.79/80) per unit against the Pound Sterling. The local unit closed at 39.59/61 (39.39/40) per hundred units against the Japanese Yen.

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