Rupee Ends At 39.37 Against US Dollar

The rupee on Dec 12 ended lower at 39.3750/3850 against a US dollar amid expectations of central bank intervention in Forex market and weak Asian stock indices. A banker said dealers were disappointed over US Federal Reserve''s quarter point rate cut, instead of 50 basis points, last night.

In a lacklustre activity at the Interbank Foreign Exchange (Forex) market, the local currency opened sharply lower at 39.41/42 per dollar against Dec 11 close of 39.35/36 per dollar. The rupee later touched a high of 39.43 a dollar before felling back to a low of 39.35 on strong recovery in equity markets. The domestic unit finally ended at 39.3750/3850 against a dollar.The Reserve Bank of India, however, fixed the reference rate for the US currency at Rs 39.36 per dollar and for the single European unit at Rs 57.79 per euro.