Rupee ends weaker at 42.97/98 per USD

Mumbai, June 23 (UNI) The Rupee today lost five paise to close at 42.97/98 against the US Dollar, mirroring negative cues in the local stock market.

The Indian unit was held steady against the greenback for most of the time on suspected intervention of the Reserve Bank of India, despite sharp fall in the stock market, dealers said.

Dealers anticipated the RBI may be selling dollars to support the local unit. Rupee was range-bound in a narrow band between 42.94 and 42.98 per dollar amidst selling pressure in the interbank foreign exchange market, dealers added.

RBI today fixed the reference rate for US Dollar on flat note at Rs 42.97 per unit as compared to previous rate of Rs 42.93 per unit.

Meanwhile, the six-month and annualised premium was quoted further higher at 4.05 (4.00) per cent and 3.68 (3.52) per cent, respectively.

However, Rupee ended the day firm at 66.56 (67.04) per unit against Euro. It closed at 84.26 (84.88) per unit against the Pound Sterling and ended at 39.82 (39.98) per hundred units against the Japanese Yen.

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