Rupee ends at eight-month low at 40.95/96 per dollar

Mumbai, May 6: The Rupee today ended at an eight month low at 40.95/96 against the US dollar with a gain of 35 paise on sustained heavy dollar demand by crude oil importers and some foreign banks.

Dealers said Rupee dropped to its lowest since late August 2007 as refiners scrambled to cover their import payment needs after crude hit a record high near USD 121 per barrel.

However, it opened low at 40.65/66 per USD, recorded the day's high at 40.62 and a low at 40.98 to end at 40.95/96 per dollar, 0.8 percent lower from Monday's close of 40.60/61.

The Reserve Bank of India today fixed the reference rate for US Dollar at Rs 40.69, up 14 paise from yesterday's rate of Rs 40.55 per USD.

The six-month premium was quoted at 1.65/67 (1.75/77) per cent and annualised premium closed at 1.45/47 (1.55/57) per cent.

The local currency ended the session at 63.62/64 (62.65/67) against the Euro. It closed at 80.73/75 (79.70/72) per unit against the Pound Sterling. The local unit closed at 39.18/20 (38.50/52) per hundred units against the Japanese Yen, dealers added.

UNI