Rupee ends weak at 42.94/95 per USD

Mumbai, June 13 (UNI) The Rupee today closed weaker at 42.94/95 against the US Dollar, lower by twelve paise from its previous close of 42.82/83 as the greenback strengthened against major currencies.

The Indian currency fell as the dollar had improved against other currencies and the choppy session in the local stock market raised concerns of more fund outflows, dealers said.

The partially convertible Rupee traded in a rangeband between 42.82 and 42.95 per dollar in a fairly active inter-bank foreign exchange market, dealers observed.

Dealers also maintained that the Rupee is likely to remain near the level of 43.00 per dollar in the future sessions. ''It is likely to face a lower level resistance near 42.70 and a upper level resistance near 43.00 as the Reserve Bank's intervention would prevent either way sharp movement of the local unit,'' a senior dealer with a leading private sector bank said.

Reserve Bank of India (RBI) today fixed the reference rate for US Dollar at Rs 42.87 per unit, eight paise up as compared to previous rate Rs 42.81 per unit.

Meanwhile, the six-month and annualised premium was quoted much higher at 3.2 (2.87) per cent and 2.73 (2.41) per cent, respectively.

Rupee ended the day firm at 65.79/80 (66.03/04) per unit against Euro. It closed at 83.49 (83.43/44) per unit against the Pound Sterling and ended firm at 39.63/64 (39.75/76) per hundred units against the Japanese Yen.

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