Rupee inches up 18 paise, closes at 43.16/17 per USD

Mumbai, July 2 (UNI) Terminating the losing streak, the Rupee today inched up from the 15-month low to close firm at 43.16/17 per US Dollar, gaining nearly 18 paise from previous close of 43.34/35 per dollar, on strong positive rally in stock market.

The partially convertible Indian currency bounced back, as the Indian bourses sharply surged on fresh inflows. The softening global crude oil prices also helped the rupee to gain strength against the greenback, dealers said.

The Indian unit traded in a wide range band between 43.15 and 43.39 per dollar, in a fairly active inter bank foreign exchange market.

''Besides, strong rally in the local equity market, the fall in dollar demand also helped the rupee to gain against US currency today, as the oil prices came down form its record high,'' a senior dealer with a leading private bank said.

Rupee had hit a fresh 15-month low at 43.50 in the previous session, as the Indian bourses plunged heavily by over four percent breaching the 14-month low levels. Sensex ended far below 13k level, while Nifty tumbled below 4,000.

RBI today fixed the reference rate for US Dollar at Rs 43.34 per unit, inched up by seven paise, from yesterday's close of 43.27 per USD.

The six-month and annualised premium was quoted lower at 4.87 (5.40) per cent and 4.23 (4.57) per cent respectively, as dollar demand subdued today after the fall in crude oil prices.

However, Rupee ended the day weaker at 68.24 (68.22) per unit against Euro. It closed at 85.78/79 (86.28) per unit against the Pound Sterling and ended at 40.52 (40.94) per hundred units against the Japanese Yen.

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