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Rupee loses 5 paise

The market opened steady at Rs 39.55-57 per US unit. Due to the impending three days' bank holiday from tomorrow for three different religious festival [April 8--Bakri Id (Muslim); April 9--Mahavir Jayanti (Jain); April 10--Good Friday (Christian)], most of the banks and corporate sectors were buying dollars to meet the next three-day's remittances which pushed down the Indian currency to Rs 39.66-67 during the intraday trading, leading forex dealers said.

At the fag end, seller entered in the market and sold huge amount of dollar that strengthened the rupee by five paise and it was finally quoted at Rs 39.6-/61.

The State Bank of India bought heavily on behalf its client to meet the remittances, dealers said, adding that Deutsche Bank and Hongkong Bank also bought dollars from the market.

The forward premiums also improved marginally on receiving pressure from the exporters.

The six-month annualised premium quoted at 7.05 per cent as against yesterday's 6.57 per cent.

A good amount of export and import booking was conducted in cash and spot basis while marginal amount of export booking was done in near forward basis in merchant section.

The world major currencies -- pound sterling traded at Rs 65.90, mark at Rs 21.52 and yen at Rs 29.57 (per 100) in the cross currency segments.

The cash to spot dollar was transacted at one paisa premium. The monthly forward premiums are quoted in paise: 5.00-7.00 for April, 22.00-25.00 for May, 43.00-46.00 for June, 66.00--69.00 for July, 95.00--99.00 for August, 126.00-129.00 for September and 148.00-152.00 for October.

The Reserve Bank of India has fixed the reference rate at Rs 39.65 as against Rs 39.51 on the last working day.

UNI