MUMBAI: The Indian rupee failed to hold on to its crucial sub-40 level against the greenback as the local currency turned weaker by five paise to close at Rs. 40.02/03 on Thursday on emergence of dollar demand from banks in late trading. It closed at Rs. 39.97.98 on Wednesday. Expectations of monetary measures, probably a hike in the cash reserve ratio (CRR), by the Reserve Bank, to control rising inflation weighed down on rupee sentiments.

The rupee was trapped in a range of 39.92 and 40.04 after resuming steady at 39.95/97 a dollar — PTI