Rupee gains 43 paise against USD

Mumbai, Aug 10 (UNI) The Rupee gained 43 paise at 42.06/07 per US Dollar as oil prices softened and stock markets surged in the week ended August 8.

The Indian unit surged to a higher level in the week against the greenback, following strong sentiments in local stock market coupled with sharp fall in oil prices to a three-month low at USD 118 per barrel, which eased concerns over a widening trade deficit, dealers said.

Rupee traded in a wide rangeband between 41.87 and 42.50 per dollar amid volatility bouts throughout the week.

''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.

UNI PP SR SKB1703