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Rupee drops against dollar

The spot dollar opened at Rs 39.65-67, went gradually up to 39.70-71 due to moderate demand in the first session from the corporate sectors and some banks. But it later came down to Rs 39.68-70 at the fag end, compared to yesterday's Rs 39.63-66, on slack demand from corporate sectors and absence of market player the State Bank of India, leading forex dealers said.

The announcement by the Reserve Bank of India the date of its credit policy discounted the premiums as dealers were expecting some measures to the forex market by the central bank.

The six month annualised premia worked out to be at 6.56 per cent.

Only nominal export and import booking were conducted in near future and marginal booking was done in farforwards in the merchant section.

The swaps section was dull and quiet, the cash to spot dollar was quoted at level while first month dollar was traded at level to one paisa premium.

The monthwise forwards premium quoted in paise are: 13-15 for May, 33-36 for June, 53-56 for July, 80-83 for August, 109-112 for September, 137-140 for October and 170-173 for November.

The pound sterling traded at Rs 66.52, mark at Rs 22.09 and yen at Rs 30.13 per 100 in the cross currency market.

The Reserve Bank of India has fixed the reference rate at Rs 39.70 per dollar.

UNI