Rupee ends flat at 42.07/08 per USD

Mumbai, Aug 7: The Rupee closed almost flat at 42.07/08 per US Dollar, after moving in a wide range band amidst volatility bouts in the forex market. The partially convertible domestic currency opened firm at 41.96/98 per dollar and hit an intra-day high at 41.87 per dollar on good inflows in the early trade. It bounced back to a low of 42.09 per dollar in the late trade as the global oil prices headed towards USD 120 per barrel raising the concern of trade deficit, dealers said.

''Overall the market witnessed an extremely volatile trading session as corporates were busy at both the counters selling and buying,'' a senior dealer with a leading private sector bank said.

The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 41.89 per unit, down by 11 paise, against yesterday's rate of Rs 42.00 per dollar.

The six-month and annualised forward premium was quoted higher at 4.63 (4.53) per cent and 3.77 (3.61) per cent, respectively.

The Rupee ended the day stronger at 64.01 (65.15) per unit against the Euro. It closed at 81.99 (82.26) per unit against the Pound Sterling. Rupee ended at 38.41 (38.75) per hundred units against the Japanese Yen.

UNI