Rupee ends low at 47.74 per US dollar

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Mumbai, Nov 6 (UNI) The Rupee today ended lower at 47.74 against the US dollar from the previous close of 47.46, as losses in the local share market continued to pressurise the Indian unit but dollar sales by some foreign banks kept it from slipping further.

It resumed low at 47.86 and later fluctuated in a narrow range between 47.50 and 47.96 in intra day trades.

The Rupee had plunged by 50 paise at 47.94 against the greenback in early trade following heavy dollar demand from importers on weakening equity markets.

At the Interbank Foreign Exchange (forex) market, the domestic unit, which gained 29 paise to end at 47.44/46 a dollar yesterday, fell by 50 paise as banks also went on a buying spree for dollars.

The stock markets yesterday snapped its five-day gaining streak with the benchmark Sensex shedding over 300 points on selling by funds.

However, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 47.67 per unit, up by 49 paise, against its yesterday's rate of Rs 47.18 per dollar. Similarly, the reference rate for Euro also rose by 30 paise to Rs 61.19 per unit from its last close of Rs 60.89 per unit, an RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were lower by 2.90 (3.06) per cent and 2.02 (2.04) per cent respectively.

The Rupee closed low at 61.28/30 (61.50/52) per unit against the Euro. It closed at 76.08/10 (75.90/92) per unit against the Pound Sterling and at 48.48/50 (47.90/92) per hundred units against the Japanese Yen, brokers added.

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