Rupee ends almost flat at 42.96/97 per USD

Mumbai, June 24 (UNI) The Rupee today closed almost flat at 42.96/97 against the US Dollar from its previous close of 42.97/98 as the Central Bank reportedly held it near the 14-month low level.

The Indian unit was virtually unchanged against the US Currency, despite Indian bourses witnessing heavy outflows for the fifth straight day as the market sentiments remained subdued on the possibility of further monetary policy tightening by the Reserve Bank of India, dealers said.

Dealers anticipated the RBI may be selling dollars to support the local unit that was range-bound in a narrow band in the foreign exchange market.

RBI today fixed the reference rate for US Dollar on flat note at Rs 42.94 per unit, three paise down as compared to previous rate of Rs 42.97 per unit, hinting to keep rupee at the stronger position against the greenback.

Meanwhile, the six-month and annualised premium was quoted further higher at 4.26 (4.05) per cent and 3.81 (3.68) per cent, respectively.

However, Rupee ended the day weaker at 66.71/72 (66.56) per unit against Euro. It closed at 84.32/33 (84.26) per unit against the Pound Sterling and ended at 39.72/74 (39.82) per hundred units against the Japanese Yen.

UNI PP OBB SKB1850